There are at present 40 solar energy construction firmsin the state of Indiana. An average of 20 solar energy construction firms open each year in the state. The averagefirm stays in business for 10 years. If present trends continue,what is the expected number of solar energy constructionfirms that will be found in Indiana? If the time between theentries of firms into the industry is exponentially distributed,what is the probability that (in the steady state) there willbe more than 300 solar energy firms in business? (Hint: Forlarge l, the Poisson distribution can be approximated by anormal distribution.)

There are at present 40 solar energy construction firmsin the state of Indiana. An average of 20 solar energy construction firms open each year in the state. The averagefirm stays in business for 10 years. If present trends continue,what is the expected number of solar energy constructionfirms that will be found in Indiana? If the time between theentries of firms into the industry is exponentially distributed,what is the probability that (in the steady state) there willbe more than 300 solar energy firms in business? (Hint: Forlarge l, the Poisson distribution can be approximated by anormal distribution.)

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 33P: Assume the demand for a companys drug Wozac during the current year is 50,000, and assume demand...

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