A family-run inn has 50 rooms. The inn is considering the use of overbooking, because thefrequency of no-shows has left many rooms vacant during the past summer season. Based on thepast experience, the number of no-shows is an approximated normal distribution with a mean of 3and a standard deviation of 4. The average room rate of the inn is $73/night. The inn's average costof operating a room is $33/night, no matter it is empty or occupied. Accommodating anoverbooked guest is expensive. The inn must book a room with one of the two nearby resorts forthe overbooked guest, and pay the difference. Rooms in resort A have an average price of$117/night. The room availability in resort A is 35%. The average room rate of resort B is$143/night. There is always room available in resort B, i.e., the probability of room availability is100% for resort B.What would be the expected cost of Co if the inn over-estimates the number of no-shows?Input should be an exact number.

Given : Number of rooms = 50 Average room rate = $73

Answered: A family-run inn has 50 rooms. The inn…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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