Question
In: Statistics and Probability
Mr. Cherry owns a gas station on a highway in Vermont. In the afternoon hours, there...
- Mr. Cherry owns a gas station on a highway in Vermont. In the
afternoon hours, there are, on average, 30 cars per hour passing by
the gas station that would like to refuel. However, because there
are several other gas stations with similar prices on the highway,
potential customers are not willing to wait—if they see that all of
the pumps are occupied, they continue on down the road.
The gas station has three pumps that can be used for fueling vehicles, and cars spend four minutes, on average, parked at a pump (filling up their tank, paying, etc.).- What is the probability that all three pumps are being used by vehicles?
-
- How many pumps should it have to ensure that it captures at least 98 percent of the demand that drives by the station?
Solutions
orchestra answered 2 years agoRelated Solutions
Mr. Cherry owns a gas station on a highway in Vermont. In the afternoon hours, there...
Mr. Cherry owns a gas station on a highway in Vermont. In the
afternoon hours, there are, on average, 30 cars per hour passing by
the gas station that would like to refuel. However, because there
are several other gas stations with similar prices on the highway,
potential customers are not willing to wait—if they see that all of
the pumps are occupied, they continue on down the road. The gas
station has three pumps that can be used for...
For the next 7 questions, please refer to the following information. Mr. Cherry owns a gas...
For the next 7 questions, please refer to the following
information.
Mr. Cherry owns a gas station on a highway in Vermont. In the
afternoon hours, there are, on average, 30 cars per hour passing by
the gas station that would like to refuel. However, because there
are several other gas stations with similar prices on the highway,
potential customers are not willing to wait—if they see that all of
the pumps are occupied, they continue on down the road....
For the next 7 questions, please refer to the following information. Mr. Cherry owns a gas...
For the next 7 questions, please refer to the following
information.
Mr. Cherry owns a gas station on a highway in Vermont. In the
afternoon hours, there are, on average, 30 cars per hour passing by
the gas station that would like to refuel. However, because there
are several other gas stations with similar prices on the highway,
potential customers are not willing to wait—if they see that all of
the pumps are occupied, they continue on down the road....
On a dark desert highway, a car leaves a gas station and heads straight for 10...
On a dark desert highway, a car leaves a gas station and heads
straight for 10 km, heading exactly northeast.
(i.e., directed 45 degrees northward of due east). The car then
turns onto a dirt road and drives completely
straight until it reaches a hotel located exactly 12 km north
and 9.0 km east of the gas station. How far did the
car drive along the straight dirt road?
Bilbo owns a gas station. He refills his gas tank once a day early in the...
Bilbo owns a gas station. He refills his gas tank once a day
early in the morning. Historical data show that daily demand at his
gas station is relatively stable and has mean = 1000 gallons and
standard deviation = 200 gallons. His gas tank has a capacity of
holding up-to 3000 gallons of gasoline so that is not an issue.
Holding gasoline will occupy financial resources, though, and
therefore Bilbo does not want to hold too much gasoline in...
Darren Mack owns the "Gas n' Go" convenience store and gas station. After hearing a marketing...
Darren Mack owns the "Gas n' Go" convenience store and gas
station. After hearing a marketing lecture, he realizes that it
might be possible to draw more customers to his high-margin
convenience store by selling his gasoline at a lower price.
However, the "Gas n' Go' is unable to qualify for volume
discounts on its gasoline purchases, and therefore cannot sell
gasoline for profit if the price is lowered. Each new pump will
cost $125,000 to install, but will increase...
Darren Mack owns the "Gas n' Go" convenience store and gas station. After hearing a marketing...
Darren Mack owns the "Gas n' Go" convenience store and gas
station. After hearing a marketing lecture, he realizes that it
might be possible to draw more customers to his high-margin
convenience store by selling his gasoline at a lower price.
However, the "Gas n' Go' is unable to qualify for volume
discounts on its gasoline purchases, and therefore cannot sell
gasoline for profit if the price is lowered.
Each new pump will cost
$95 comma 00095,000
to install, but...
Wildhorse Energy Company owns several gas stations. Management is looking to open a new station in...
Wildhorse Energy Company owns several gas stations. Management
is looking to open a new station in the western suburbs of
Baltimore. One possibility that managers at the company are
evaluating is to take over a station located at a site that has
been leased from the county. The lease, originally for 99 years,
currently has 73 years before expiration. The gas station generated
a net cash flow of $95,710 last year, and the current owners expect
an annual growth rate...
Sunland Energy Company owns several gas stations. Management is looking to open a new station in...
Sunland Energy Company owns several gas stations. Management is
looking to open a new station in the western suburbs of Baltimore.
One possibility that managers at the company are evaluating is to
take over a station located at a site that has been leased from the
county. The lease, originally for 99 years, currently has 73 years
before expiration. The gas station generated a net cash flow of
$93,580 last year, and the current owners expect an annual growth
rate...
Blossom Energy Company owns several gas stations. Management is looking to open a new station in...
Blossom Energy Company owns several gas stations. Management is
looking to open a new station in the western suburbs of Baltimore.
One possibility that managers at the company are evaluating is to
take over a station located at a site that has been leased from the
county. The lease, originally for 99 years, currently has 73 years
before expiration. The gas station generated a net cash flow of
$91,570 last year, and the current owners expect an annual growth
rate...
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