ABC Airlines' first class cabins have 10 seats in each plane. ABC's overbooking policy is to sell up to 11 first class tickets, since cancellations and no-shows are always possible (and indeed are quite likely). For a given flight on ABC Airlines, there were 11 first class tickets sold. Suppose that each of the 11 persons who purchased tickets has a 20% chance of not showing up for the flight, and that the events that different persons show up for the flight are independent. (Please assume that there is no refund if the customer does not show up for the flight) (a) What is the probability that at most 5 of the 11 persons who purchased first class tickets show up for the flight? (b) What is the probability that exactly 10 of the 11 persons who purchased first class tickets show up for the flight? (c) Suppose that the cost of each first class ticket is $12,000. (Let's assume that this $12,000 contributes entirely to profit since the variable cost associated with a passenger on a flight is close to zero.) Suppose further

ABC Airlines' first class cabins have 10 seats in each plane. ABC's overbooking policy is to sell up to 11 first class tickets, since cancellations and no-shows are always possible (and indeed are quite likely). For a given flight on ABC Airlines, there were 11 first class tickets sold. Suppose that each of the 11 persons who purchased tickets has a 20% chance of not showing up for the flight, and that the events that different persons show up for the flight are independent. (Please assume that there is no refund if the customer does not show up for the flight) (a) What is the probability that at most 5 of the 11 persons who purchased first class tickets show up for the flight? (b) What is the probability that exactly 10 of the 11 persons who purchased first class tickets show up for the flight? (c) Suppose that the cost of each first class ticket is $12,000. (Let's assume that this $12,000 contributes entirely to profit since the variable cost associated with a passenger on a flight is close to zero.) Suppose further

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

Estimation

A new framework of data analysis where the new statistical methods are used for interpreting the results and analyzing the data is known as estimation in statistics.

Question

ABC Airlines' first class cabins have 10 seats in each plane. ABC's overbooking
policy is to sell up to 11 first class tickets, since cancellations and no-shows are
always possible (and indeed are quite likely). For a given flight on ABC
Airlines, there were 11 first class tickets sold. Suppose that each of the 11
persons who purchased tickets has a 20% chance of not showing up for the
flight, and that the events that different persons show up for the flight are
independent. (Please assume that there is no refund if the customer does not
show up for the flight)
(a) What is the probability that at most 5 of the 11 persons who purchased
first class tickets show up for the flight?
(b) What is the probability that exactly 10 of the 11 persons who purchased
first class tickets show up for the flight?
(c) Suppose that the cost of each first class ticket is $12,000. (Let's assume
that this $12,000 contributes entirely to profit since the variable cost
associated with a passenger on a flight is close to zero.) Suppose further

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Q3. ABC Airlines’ first class cabins have 10 seats in each plane. ABC’s overbooking policy is to sell up to 11 first class tickets, since cancellations and no-shows are always possible (and indeed are quite likely). For a given flight on ABC Airlines, there were 11 first class tickets sold. Suppose that each of the 11 persons who purchased tickets has a 25% chance of not showing up for the flight, and that the events that different persons show up for the flight are independent. (Please assume that there is no refund if the customer does not show up for the flight) (a) What is the probability that at most 5 of the 11 persons who purchased first class tickets show up for the flight? (b) What is the probability that exactly 10 of the 11 persons who purchased first class tickets show up for the flight? (c) Suppose that the cost of each first class ticket is $12,000. (Let’s assume that this $12,000 contributes entirely to profit since the variable cost associated with a passenger on a…
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