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ABC Airlines flies a sixpassenger commuterflight once a day to Toronto, Ontario. A nonrefundable onchay fare with a memation has a price of $140. The

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ABC Airlines flies a sixpassenger commuterflight once a day to Toronto, Ontario. A nonrefundable onchay fare with a memation has a price of $140. The daily demand for this ight is given in the following table. A reserved passenger shows up with 90% probability. ABC Airlines currently overbooks a maximum oftwo passengers per ight (Therefore, max number of reservations is B as the plane has 6 seats}. Ifthere are not enough seats for a passenger at the gate, ABC Airlines refunds the fare and also provides a ticket for another tree ight next day. Assume allsud'l customers accept being transferred to next day, therefore they have a reservation next day and they may or may not show up with the same probability as other customers. Additionally, every day there mayI be walk in passengers just trying their chance to nd a seat in the plane. Those customers, if plane has empty seats, pay $200 perticket. The probability of having 0,1 or 2 walk-in passengers is given in the table below. Each flight has a fixed oost of $300, and on average each passenger additionallyI costs $50 [This is because of additional tuel requirement for the weight. Assume no difference between people so same cost for each passenger} Demand Probability 5 0.05 Walk-in Probability 6 0.11 Passengers 7 0.20 D 0.4 B 0.18 1 0.4 9 0.16 2 0.2 1|] 0.12 11 0.10 12 0.08 Set up a model that simulates one monthl_'30 days} ofoperations to calculate average prot per trip. Replicate the model 200 times, and report your results as an average expected profit per trip

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