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Jim Johnson operates a bus service to take college students to The Big City on Friday night and bring them back to school on
Jim Johnson operates a bus service to take college students to "The Big City" on Friday night and bring them back to school on Sunday night. The bus has 45 seats, but sometimes there are empty seats. His records show that about 5% of ticket holders do not show up for their ride. Tickets cost $20 and are nonrefundable. If Jim overbooks the bus and more than 45 passengers show up, some of them will be bumped and have to miss the trip. This bumping costs the company $40 because Jim has a double-your-money back policy for bumped passengers. Jim wants to see what happens to profits if 48 reservations are accepted. A C 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 B Jim's Big City Bus Reservation System Seats Available Ticket Price per Seat Prob. of No-Show Cost of Bumping Reservations Accepted Passengers to Board Ticket Revenue Opp. Cost of Empty Seats Cost of Bumping Passengers Marginal Profit MODEL 45 $20 0.05 $40 48 47 $960 0 $80 $880 Cell C10 Cell C12 Cell C13 Cell C14 Cell C15 (a) Identify the Excel formulas that are in cells C10, C12, C14, C14 and C15 of the worksheet. Cell C10 C12 C13 C14 C15 Formula
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