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The city roads dept. repairs 300,000 potholes, on average, in a year. Critics allege

The city roads dept. repairs 300,000 potholes, on average, in a year. Critics allege that the dept. is inefficient, given that an average of 60,000 unfilled potholes exist on city roads at any given time (confirmed from official records). The dept. protests the charge, asserting that they fix a pothole, on average, in less than a month. From the numbers provided above, how long does it take the city, on average, to fix a pothole? (Hint: Little’s Law: Average Inventory = Average Flow Rate * Average Flow Time)
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dlow2243
dlow2243
4,4(4 marks)

Excess supply

Explanation:

Demand is the quantity required or requested by buyers while supply is the quantity of a good that a producer is able to supply to the buyer.

When demand is equal to supply there is equilibrium and no excess in demand or supply.

However when the amount supplied exceeds the demand for a product there will be excess product in the market. This is called excess supply.

Conversely when the quantity demanded is more than that supplied it is excess demand

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