Mathematics, 07.12.2019 00:31 davionb556

Aconsumer is trying to decide between two long»distance calling plans. the ﬁrst one charges a flat rate of 10c per minute. whereas the second charges a flat rate of 99cfor calls up to 20 minutes in duration and thenloc for each additional minuteexceeding 20 (assume that calls lasting a noninteger number of minutes are charged proportionately to a whole-minute’scharge). suppose the consumer’s distribution of call duration is exponential with parameter. a. explain intuitively how the choice of calling plan should depend on what the expected call duration is. b. which plan is better if expected call duration is 10 minutes? 15 minutes? [hint: let h1(x) denote the cost for the ﬁrst planwhen call duration is x minutes and let h2(x) be the cost function for the second plan. give expressions for these two costfunctions. and then determine the expected cost for each plan]

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Aconsumer is trying to decide between two long»distance calling plans. the ﬁrst one charges a flat r...

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