In a harbour, there are 2 landing places. Ships arrive at a rate of 8...
60.1K
Verified Solution
Link Copied!
Question
Finance
In a harbour, there are 2 landing places. Ships arrive at a rate of 8 per day (exponentially distributed). Cranes at a landing places, load or unload the ships with the rate of 4.2 per day. If all places are occupied, a ship has to wait for one to be available. The harbour company makes a profit of $250 from a ship that is not waited. For each day in the queue, ships pay $25 less. The management of the harbour considers two options to improve the system: Option I: A new landing place could be built for $10,000. Option II: Existing landing places could be improved to serve 4.9 ships per day for $15,000 a. Calculate the average queue length for the current system. b. Which option should be picked to improve the profit per year? c. If the improvement options could be implemented together, would you recommend it? Why
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Zin AI - Your personal assistant for all your inquiries!
