What should greybeards overbooking policy be

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Reference no: EM13237226

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?

Reference no: EM13237226

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