37. The small mail-order firm Sea’s Beginning has onephone line. An average of 60 people per hour call inorders, and it takes an average of one minute to handlea call. Time between calls and time to handle calls areexponentially distributed. If the phone line is busy, Sea’sBeginning can put up to c 2 1 people on hold. If c 2 1people are on hold, a caller gets a busy signal and calls acompetitor. Sea’s Beginning wants only 1% of all callersto get a busy signal. How many people should it be ableto put on hold, that is, what is the required value of c?
Compound Probability
Compound probability can be defined as the probability of the two events which are independent. It can be defined as the multiplication of the probability of two events that are not dependent.
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Probability theory is a branch of mathematics that deals with the subject of probability. Although there are many different concepts of probability, probability theory expresses the definition mathematically through a series of axioms. Usually, these axioms express probability in terms of a probability space, which assigns a measure with values ranging from 0 to 1 to a set of outcomes known as the sample space. An event is a subset of these outcomes that is described.
Conditional Probability
By definition, the term probability is expressed as a part of mathematics where the chance of an event that may either occur or not is evaluated and expressed in numerical terms. The range of the value within which probability can be expressed is between 0 and 1. The higher the chance of an event occurring, the closer is its value to be 1. If the probability of an event is 1, it means that the event will happen under all considered circumstances. Similarly, if the probability is exactly 0, then no matter the situation, the event will never occur.
37. The small mail-order firm Sea’s Beginning has onephone line. An average of 60 people per hour call inorders, and it takes an average of one minute to handlea call. Time between calls and time to handle calls are
exponentially distributed. If the phone line is busy, Sea’sBeginning can put up to c 2 1 people on hold. If c 2 1people are on hold, a caller gets a busy signal and calls acompetitor. Sea’s Beginning wants only 1% of all callers
to get a busy signal. How many people should it be able
to put on hold, that is, what is the required value of c?
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