A taxi company has a small limousine at the local airport with a seating capacity of four that makes one trip per day to a predefined location. The cost of each seat to the taxi company is estimated at $5 per seat (empty seats still cost $5). The price per seat to the customer is $10. The number of reservation requests per day X is Poisson distributed with parameter A = 4 for x = 0,1,2... Assuming any reservation requests over four will go to rival limousine services (the reservation request becomes lost to this taxi company), find the expected net revenue. (Note: the limousine driver is still required to make the trip even if there are no customers to be seated). I can do the poison distribution, I need help with expected revenue please. p(x) 0.0183 0.07326 0.1465 0.1954 0.1953668149 2 3 4

A taxi company has a small limousine at the local airport with a seating capacity of four that makes one trip per day to a predefined location. The cost of each seat to the taxi company is estimated at $5 per seat (empty seats still cost $5). The price per seat to the customer is $10. The number of reservation requests per day X is Poisson distributed with parameter A = 4 for x = 0,1,2... Assuming any reservation requests over four will go to rival limousine services (the reservation request becomes lost to this taxi company), find the expected net revenue. (Note: the limousine driver is still required to make the trip even if there are no customers to be seated). I can do the poison distribution, I need help with expected revenue please. p(x) 0.0183 0.07326 0.1465 0.1954 0.1953668149 2 3 4

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Description: A taxi company has a small limousine at thelocal airport with a seating capacity of fourthat makes one trip per day to a predefinedlocation. The cost of each seat to the taxicompany is estimated at $5 per seat (emptyseats still cost $5). The price p

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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Concept explainers

Contingency Table

A contingency table can be defined as the visual representation of the relationship between two or more categorical variables that can be evaluated and registered. It is a categorical version of the scatterplot, which is used to investigate the linear relationship between two variables. A contingency table is indeed a type of frequency distribution table that displays two variables at the same time.

Binomial Distribution

Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.

Topic Video

Question

A taxi company has a small limousine at the
local airport with a seating capacity of four
that makes one trip per day to a predefined
location. The cost of each seat to the taxi
company is estimated at $5 per seat (empty
seats still cost $5). The price per seat to the
customer is $10. The number of reservation
requests per day X is Poisson distributed with
parameter A = 4 for x = 0,1,2... Assuming any
reservation requests over four will go to rival
limousine services (the reservation request
becomes lost to this taxi company), find the
expected net revenue. (Note: the limousine
driver is still required to make the trip even if
there are no customers to be seated).
I can do the poison distribution, I need help
with expected revenue please.
p(x)
0.0183
0.07326
0.1465
0.1954
0.1953668149
1
2
XO HN34

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