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Mathematics, 16.04.2020 17:51 loisfriedman117

Consider a bar that has a limited capacity of 30 people. The bar has an entrance fee of $5/person. People arrive to this bar at a rate of 4/hour. The time each person spends in the bar follows an exponential distribution with rate µ. Suppose it costs 3µ per hour for this bar to provide service to the customers. Find µ that maximizes the benefit of this bar.

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Consider a bar that has a limited capacity of 30 people. The bar has an entrance fee of $5/person. P...

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