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Suppose a small plane can seat 20 passengers. Airlines often book more passengers than seats available knowing there is a good chance someone might cancel and the airline loses $250 for every empty seat. On the other hand, when they are overbooked and more people show up than there are seats available for them, they have to offer an incentive for passengers to reschedule and the incentive to get a passenger to give up a seat costs the airline $100 on average. How many seats should the airline sell in order to minimize their expected losses?
(Note: this is a question covering some of the material from Conditional Probability & Independence and/or Random Variables (from "A First Course in Probability" by Ross) so it may be tricky. Please explain in details, will reward THANKS)
The sequence of late times
On Friday, a local hamburger shop sold a combined total of 416 hamburgers and cheeseburgers. The number of cheeseburgers sold was three times the number of hamburgers sold. How many hamburgers were sold on Friday?
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Can some one give me an example of how to round a percent to one decimal and two decimal?
Solve the problem of Critical Path and PERT. A PERT project has 45 activities, 19 of which are on the critical path. The estimated time for the critical path is 120 days. The sum of all activity variances is 64, while the sum of variances along the..
Suppose that a license plate must contain a sequence of two-letters followed by four-digits, or three-letters followed by three-digits.
Determine the probability that is within one standard deviation of the mean: ?
Determine whether the following statement is true or false, and justify your answer: If the RMS error for predicting Y from X is equal to 1, then the correlation between Y and X is equal to 0.
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