Question 16 of 43
Q.(a) Suppose that the quantity demanded and quantity supplied , where is the price. Find the equilibrium price for market clearance.
(OR)
(b) The average number of phone calls per minute into the switch board of a company between a.m. and p.m. is . Find the probability that during one particular minute there will be,
(i) no phone at all,
(ii) exactly calls,
(iii) at least calls.
Tamil Nadu DgeTamil Nadu HSC (DGE) Commerce Board 2020Subjective· 5mImportance★★★★★
37% · 16/43 Questions
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Start your 14-day free trial to unlock the full solution →(a) Setting yields ; the market-clearing (steady-state) price is . (b) Poisson with gives , , .
Part (a) — Equilibrium price
Market clearance requires :
Rearranging:
The equilibrium (market-clearing) price is the steady-state value where is constant, so :
(The full solution has particular/equilibrium part .)
Part (b) — Poisson distribution
Mean , ; .
(i) No calls:
(ii) Exactly calls:
…
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