Question

Develop a point estimate (in min) for a customer who arrives with six people on the wait-list. (Round your answer to two decimal places.)

ŷ* = min

Answer 1

The point estimate for a customer who arrives with six people on the wait-list is 6 minutes. Therefore, the point estimate for a customer who arrives with six people on the wait-list is 6 minutes.

Step-by-step explanation:

To develop a point estimate for a customer who arrives with six people on the wait-list, we can use the information given in part b.

Since one customer arrives every two minutes on average, it will take six minutes on average for three customers to arrive.

Therefore, the point estimate for a customer who arrives with six people on the wait-list is 6 minutes.