Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

X. HOTEL BOOKINGS A hotel has 300 rooms. It has accepted reservations for 324 rooms. Suppose that from historical data, we know that the probability

image text in transcribed
X. HOTEL BOOKINGS A hotel has 300 rooms. It has accepted reservations for 324 rooms. Suppose that from historical data, we know that the probability of inn-shows is 0.1 (i.e., 10% of the people who book rooms, do not arrive to take the room). Assume no-shows are independent across all 324 reservations. Let X be the number of no-shows. a) What is the expectation of X? b) What is the variance of X? c) What is the probability that the hotel is \"over-booked\" (i.e., the hotel will not have enough rooms for all those who arrive)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Quantitative Methods For Business

Authors: David Anderson, Dennis Sweeney, Thomas Williams, Jeffrey Cam

11th Edition

978-0324651812, 324651813, 978-0324651751

Students also viewed these Mathematics questions