Find out the probability that full-fare demand

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Reference no: EM1376034

Q. In recent weeks Hot jack Airlines' LAX to LAS flight has departed Los Angeles with more empty coach seats than expected. Hot jack operates a 95 passenger B-737/100 on this route. The regular unrestricted one-way coach fare is $89. Hot jack updated forecast indicates that the average Demand for this flight (at the $89 fare) has dropped to 60 passengers. To better utilize its capacity, hot jack plans to introduce a "gambler's special" fare of only $49. The fare will have an advance purchase restriction.

Find out the probability that full-fare Demand F is less than X*, the ideal number of seats that should be set aside for full fare passengers (or alternatively, the probability that some full-fare seats on the gambler's special are unsold at departure time.)

Reference no: EM1376034

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