3. The percent of people who will attend an event and not cancel their reservation has a probability density function given by f(x) = 3 ar³ (1-1). 0 ≤ I ≤ 1, 0, otherwise. Determine the value of the constant, a.
3. The percent of people who will attend an event and not cancel their reservation has a probability density function given by f(x) = 3 ar³ (1-1). 0 ≤ I ≤ 1, 0, otherwise. Determine the value of the constant, a.
A First Course in Probability (10th Edition)
10th Edition
ISBN:9780134753119
Author:Sheldon Ross
Publisher:Sheldon Ross
Chapter1: Combinatorial Analysis
Section: Chapter Questions
Problem 1.1P: a. How many different 7-place license plates are possible if the first 2 places are for letters and...
Related questions
Question
Transcribed Image Text:3. The percent of people who will attend an event and not cancel their reservation has a
probability density function given by
(a)
f(x) = {or
Determine the value of the constant, a.
ar³ (1-1), 0≤ I ≤ 1,
otherwise.
(b)
The cost of a ticket is $100, and anybody who cancels their reservation will
receive a full refund. The total cost of hosting the event will be $10,000. What is the
minimum number of tickets that should be sold so that the expected profit is $12,000.
(c)
Suppose the number of tickets sold is the same as in your previous answer.
What would be the variance in the profit?
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Similar questions
Recommended textbooks for you
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON
A First Course in Probability (10th Edition)
Probability
ISBN:
9780134753119
Author:
Sheldon Ross
Publisher:
PEARSON