“To increase the welfare of producers, a subsidy is always better than a price floor”. Explain the validity of the statement in 500 words and support with suitable diagram(s).

Customers make purchases at a convenience store, on average, every eleven minutes. It is fair to assume that the time between customer purchases is exponentially distributed. Jack operates the cash register at this store. a-1. What is the rate parameter ? (Round your answer to 4 decimal places.) Rate parameter A _ a-2. What is the standard deviation of this distribution? (Round your answer to 1 decimal place.) Standard deviation c. What is the probability that a customer will show up in less than nine minutes? (Round intermediate calculations to at least 4 decimal places and final answer to 4 decimal places.) Probability d. What is the probability that nobody shows up for over twenty-five minutes? (Round intermediate calculations to at least 4 decimal places and final answer to 4 decimal places.) Probability