Answered: A five years Business Informatics…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

A five years Business Informatics student studying at TU Wien does some temporary substitute work on the banking sector every 31 days on average, and this time follows an exponential distribution. After acquiring one of these works, its duration is also aleatoric, exponentially distributed and its mean duration is 60 daysThe money earned depends on the total number of days worked in each contract, paid at $100 daily. For unemployment periods, the student has taken out an insurance for which $50 is paid for each day on the dole. Build a queuing model to establish the mean annual income (1 year = 365 days) that the student earns. (Hint: single server, finite customer population of 1.)

Definition Definition Measure of central tendency that is the average of a given data set. The mean value is evaluated as the quotient of the sum of all observations by the sample size. The mean, in contrast to a median, is affected by extreme values. Very large or very small values can distract the mean from the center of the data. Arithmetic mean: The most common type of mean is the arithmetic mean. It is evaluated using the formula: μ = 1 N ∑ i = 1 N x i Other types of means are the geometric mean, logarithmic mean, and harmonic mean. Geometric mean: The nth root of the product of n observations from a data set is defined as the geometric mean of the set: G = x 1 x 2 ... x n n Logarithmic mean: The difference of the natural logarithms of the two numbers, divided by the difference between the numbers is the logarithmic mean of the two numbers. The logarithmic mean is used particularly in heat transfer and mass transfer. ln x 2 − ln x 1 x 2 − x 1 Harmonic mean: The inverse of the arithmetic mean of the inverses of all the numbers in a data set is the harmonic mean of the data. 1 1 x 1 + 1 x 2 + ...

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