ABS specializes in repair and maintenance of industrial machines. One repair technician has been assigned to five identical grinding machines for repair and maintenance. The machine breaks down after about 20 hr of use, and breakdowns have a Poisson probability distribution. It takes 6 hr to repair a machine, and repair times follow an exponential distribution. Machine downtime costs the company $250 an hour, and the technician is paid $50 an hour. Determine the average cost per hour of downtime if number of technicians is equal to two.
A. $234
B. $432
C. $320
D. $345
C. $320
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When the seller breaches, the risk of loss often passes to the buyer sooner than it otherwise
would. Indicate whether the statement is true or false
The Revised Act authorizes shareholders in closely held corporations to adopt shareholder agreements that depart from statutory norms by altering the governance of the corporation. These agreements:
a. are effective if adopted by a majority of the shareholders. b. are valid for the life of the corporation unless a new agreement is reached. c. are binding on shareholders, the state, creditors, and other third parties. d. terminate automatically if the corporation's shares are traded publicly.
Under traditional common law, the acceptance must be the __________ of the offer
a. essential terms b. consideration c. understanding d. mirror image
____________________advocates a limited laissez-faire approach to issues of government involvement, and this view of consumer responsibility involves the notion that a rational consumer will decide whether to pay for a product depending on the value he or she derives.
a. Neoliberalism b. Conservatism c. Libertarianism d. Progressivism