Assessing its overbooking policy

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Reference no: EM131176332

The Greybeard Busing Company is assessing its overbooking policy for the Miami–Fort Myers run. The number of customers who don’t show up after reserving a ticket is uniformly distributed from 1 to 10 (10% chance of 1 no show, 10% chance of 2, etc.). Tickets cost $25, and if the particular bus run is full, a passenger with a reservation is given passage on a rival bus line, a cost of $60. What should Greybeard’s overbooking policy be? (Show work and provide the solution!)

Reference no: EM131176332

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