The Harriet Hotel in downtown Boston has 100 rooms that rent for $150 per night. It costs the hotel $30 per room in variable costs (cleaning, bathroom items, etc.) each night a room is occupied. For each reservation accepted, there is a 5% chance that the guest will not arrive. If the hotel overbooks, it costs $200 to compensate guests whose reservations cannot be honored. How many reservations should the hotel accept if it wants to maximize the average daily profit? Wk_8_Asg--Template XLSXFile Edit View InsertFormat Data Tools HelpLast edit was seconds agoDefault (Ca.B I S A100%.00 123-11- fx |A1ABFGHJKLM1Harriet Hotel, Boston3Rooms Available100DataProbability (No Show)40.05DataReservationsDecision: Vary betweento 115 using the DecTable in Crystal BallGuests ArrivingAssumption: Use binomial with P(Head) = 1- P(No Show) and number of tosses = Reservations61087Data$150$30$200Revenue$16,500Enter formulaVariable CostsEnter formula$3,000$1,600$11,90010Overbooking CostsEnter formula11ProfitForecast: Enter formula1213

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Description: The Harriet Hotel in downtown Boston has 100 rooms that rent for $150 per night. It costs the hotel $30 per room in variable costs (cleaning, bathroom items, etc.) each night a room is occupied. For each reservation accepted, there is a 5% chance tha

Given information: Available number of rooms in hotel = 100 Rent of room per night = $150 Variable…

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The Harriet Hotel in downtown Boston has 100 rooms that rent for $150 per night. It costs the hotel $30 per room in variable costs (cleaning, bathroom items, etc.) each night a room is occupied. For each reservation accepted, there is a 5% chance that the guest will not arrive. If the hotel overbooks, it costs $200 to compensate guests whose reservations cannot be honored. How many reservations should the hotel accept if it wants to maximize the average daily profit?

The Harriet Hotel in downtown Boston has 100 rooms that rent for $150 per night. It costs the hotel $30 per room in variable costs (cleaning, bathroom items, etc.) each night a room is occupied. For each reservation accepted, there is a 5% chance that the guest will not arrive. If the hotel overbooks, it costs $200 to compensate guests whose reservations cannot be honored. How many reservations should the hotel accept if it wants to maximize the average daily profit?

Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018

18th Edition

ISBN:9780079039897

Author:Carter

Publisher:Carter

Chapter10: Statistics

Section10.6: Summarizing Categorical Data

Problem 10CYU

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