Question

In: Statistics and Probability

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.
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.).

d. What is the probability that all three pumps are being used by vehicles?

  • A. 0.1895
  • B. 0.1650
  • C. 0.1458
  • D. 0.2105

e. How many customers are served every hour?

  • A. 23.7
  • B. 25.6
  • C. 12.7
  • D. 16.7

f. What is the utilization of the pumps?

  • A. 0.63
  • B. 0.83
  • C. 0.53
  • D. 0.73

g. How many pumps should it have to ensure that it captures at least 98 percent of the demand that drives by the station?

  • A. 6
  • B. 2
  • C. 4
  • D. 8

Solutions

Expert Solution


Related 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...
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...
Information The next three questions (7 to 9) refer to the following: We would like to...
Information The next three questions (7 to 9) refer to the following: We would like to determine how the weight of a car can be used to predict its fuel efficiency. The weight (in pounds) and the fuel efficiency (in miles per gallon) are recorded for a sample of ten cars. The least squares regression line is calculated to be ŷ =51.47−0.0089x{"version":"1.1","math":"\hat{y} = 51.47 - 0.0089x"}. It is also determined that 58.5% of the variation in a car's fuel efficiency...
The next two questions (7 and 8) refer to the following: The weight of bags of...
The next two questions (7 and 8) refer to the following: The weight of bags of organic fertilizer is normally distributed with a mean of 60 pounds and a standard deviation of 2.5 pounds. 7. What is the probability that a random sample of 33 bags of organic fertilizer has a total weight between 1963.5 and 1996.5 pounds? 8. If we take a random sample of 9 bags of organic fertilizer, there is a 75% chance that their mean weight...
Questions 6, and 7 refer to the following information: At the end of the year, a...
Questions 6, and 7 refer to the following information: At the end of the year, a company offered to buy 4,740 units of a product from X Company for a special price of $11.00 each instead of the company's regular price of $18.00 each. The following information relates to the 65,000 units of the product that X Company made and sold to its regular customers during the year: Per-Unit Total      Cost of goods sold $7.55    $490,750    Period costs 2.22    144,300   ...
The next four questions refer to the following information: Two methods, A and B, are available...
The next four questions refer to the following information: Two methods, A and B, are available for teaching a certain industrial skill. There is a 95% chance of successfully learning the skill if method A is used, and an 80% chance of success if method B is used. However, method A is substantially more expensive and is therefore used only 25% of the time (method B is used the other 75% of the time). The following notations are suggested: A—method...
Use the following information for the next 7 questions. You should draw a graph that depicts...
Use the following information for the next 7 questions. You should draw a graph that depicts the situation below and use your picture to answer the questions. Assume that wages and prices are sticky and that we start at a long-run equilibrium. Assume that at this initial point, the growth rate of the money supply is 5%, the growth rate of the velocity of money is 2% and that the real economic growth rate is 4%. Now assume that there...
The next several questions refer to the case of an economy with the following equations: Y...
The next several questions refer to the case of an economy with the following equations: Y = 3K + 2L, with K = 1000 and L = 1500 G = 1230, T = 500 I = 1020 - 1000r C = 1070 + 0.5(Y-T) (Assume a closed economy: Y = C + I + G; NX = 0) Compute the equilibrium level of the interest rate. compute the equilibrium level of investment. compute teh equilibrium level of consumption. suppose government...
1. The next several questions refer to the case of an economy with the following equations:...
1. The next several questions refer to the case of an economy with the following equations: Y = 3K + 2L, with K = 1000 and L = 1500 G = 1230, T = 500 I = 1020 - 1000r C = 1070 + 0.5(Y-T) (Assume a closed economy: Y = C + I + G; NX = 0) Compute the equilibrium level of the interest rate. choices 0.07 0.05 0.3 0.1 2. For the case above, compute the equilibrium...
QUESTION 7 Use the following information to answer the next two questions: (Question 1 of 2)...
QUESTION 7 Use the following information to answer the next two questions: (Question 1 of 2) Higgins Company purchased specialized equipment on July 1, 2019, that cost $300,000, has a residual value of $40,000, and a useful life of four years. The amount of depreciation expense for 2020, under the double declining balance method is: A. $112,500. B. None of the above C. $97,500. D. $75,000. E. $125,000. 2 points    QUESTION 7 B Use the following information to answer...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT