A gas station with only one gas pump employs the following policy: If a customer has to

Question:

A gas station with only one gas pump employs the following policy: If a customer has to wait, the price is $3.50 per gallon; if she does not have to wait, the price is $4.00 per gallon. Customers arrive according to a Poisson process with a mean rate of 20 per hour. Service times at the pump have an exponential with a mean of 2 minutes. Arriving customers always wait until they can eventually buy gasoline. Determine the expected price of gasoline per gallon.
Distribution
The word "distribution" has several meanings in the financial world, most of them pertaining to the payment of assets from a fund, account, or individual security to an investor or beneficiary. Retirement account distributions are among the most...