Since not all consumers show up for their reservations, a boat corporation always overbooks. Assume a driver is booked with six consumers on the same route, and the boat can accommodate up to four consumers. The probability that a consumer does not show up is 20%, and consumers behave independently. The boat corporation wants to maximize it's expected revenue. The corporation gets twelve dollar for each passenger picked up, loses two dollar per empty seat, and loses eight dollar per passenger that they can't accomodate. How many consumers should the driver book to maximize expected revenue? If they can use a bigger boat which can accomodate up to seven consumers, then How many consumers should the driver book now?
Since not all consumers show up for their reservations, a boat corporation always overbooks. Assume a driver is booked with six consumers on the same route, and the boat can accommodate up to four consumers. The probability that a consumer does not show up is 20%, and consumers behave independently. The boat corporation wants to maximize it's expected revenue. The corporation gets twelve dollar for each passenger picked up, loses two dollar per empty seat, and loses eight dollar per passenger that they can't accomodate. How many consumers should the driver book to maximize expected revenue? If they can use a bigger boat which can accomodate up to seven consumers, then How many consumers should the driver book now?
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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Since not all consumers show up for their reservations, a boat corporation always overbooks. Assume a driver is booked with six consumers on the same route, and the boat can accommodate up to four consumers. The probability that a consumer does not show up is 20%, and consumers behave independently. The boat corporation wants to maximize it's expected revenue. The corporation gets twelve dollar for each passenger picked up, loses two dollar per empty seat, and loses eight dollar per passenger that they can't accomodate.
How many consumers should the driver book to maximize expected revenue? If they can use a bigger boat which can accomodate up to seven consumers, then How many consumers should the driver book now?
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