A dealer of antique violins seeks exceptionally rare
Stradivarius instruments and acquires those he deems authentic. He
then has the instruments restored by a single expert craftsman
(luthier). Once restored, the instruments are sold through auction.
On average, the dealer acquires nine instruments per year, and the
time between acquisitions is exponentially distributed. The
luthier's time to restore an instrument is random with mean 1.2
months and standard deviation 0.3 months. The dealer's inventory
holding cost is $20,000 per instrument per year, including nancing
and insurance costs.What is the mean cycle time (in months) of the
restoration process (including waiting for
restoration)?
A dealer of antique violins seeks exceptionally rare Stradivarius instruments and acquires those he deems authentic. He
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answerhappygod
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A dealer of antique violins seeks exceptionally rare Stradivarius instruments and acquires those he deems authentic. He
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