Answered: You are doing an industry analysis of…

College Algebra (MindTap Course List)

12th Edition

ISBN:9781305652231

Author:R. David Gustafson, Jeff Hughes

Publisher:R. David Gustafson, Jeff Hughes

Chapter8: Sequences, Series, And Probability

Section8.7: Probability

Problem 39E: Assume that the probability that an airplane engine will fail during a torture test is 12and that...

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You are doing an industry analysis of the Bloomington
pizza industry. The rate (per year) at which pizza restaurants
enter the industry is given by p, where p price of a pizza
in dollars. The price of a pizza is assumed to be max(0,
16 .5F), where F number of pizza restaurants in
Bloomington. During a given year, the probability that a
pizza restaurant fails is 1/(10 p). Create a birth–death
model of this situation.
a In the steady state, estimate the average number of
pizza restaurants in Bloomington.
b What fraction of the time will there be more than 20
pizza restaurants in Bloomington?

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