Assume that the probability of selling a seat in first class is 50% and the fare for
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Assume that the probability of selling a seat in first class is 50% and the fare for that class is $500. The probability of selling tickets in the next class is 90%, and the fare is $300. The probability of selling the ticket in the final class is 100% at a fair of $220. Where should the seat be allocated and why?
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To determine where the seat should be allocated we can calculate the expected earnings or ...View the full answer
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