Visitors arrive at an amusement park attraction according to a Poisson process with rate per unit time. A check of all s

[answerhappygod]

Visitors Arrive At An Amusement Park Attraction According To A Poisson Process With Rate Per Unit Time A Check Of All S 1 (64.73 KiB) Viewed 41 times

Visitors arrive at an amusement park attraction according to a Poisson process with rate per unit time. A check of all safety precautions is initiated when there are N visitors present at the attraction. A new ride starts only when the check is completed. The check takes a constant T units of time and any visitors who arrive during the check are also accepted on the ride. (There is always enough capacity.) Each ride incurs a fixed cost of K and waiting costs are incurred at the rate of hj when there are j visitors waiting for a ride. a) Compute the long-run average cost per time unit. b) If K = 145, h = 1, 1 = 0.5, T = 10 and N = 10, what should be the price of a ticket (per person) for the attraction for the amusement park to break even.