Business, 06.05.2020 00:37 ayoismeisjuam

E average time between two consecutive arrivals in a single-channel queuing system(M/M/1) is 20 minutes and it takes an average of 10 minutes to provide the service. Investmentin a superior technology can reduce the time required to service a customer from 10 minutes to5 minutes. If the cost of lost sales because of waiting in the line is approximated as $100 perweek for each minute of wait and the cost of using the new technology is $200 per week(assume fixed cost of the technology is zero), then should the company use the new technology? If the company use the new technology, then what is the weekly payoff of usingthe new technology

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E average time between two consecutive arrivals in a single-channel queuing system(M/M/1) is 20 minu...