4. A flight has 100 seats and a passenger fare of $130. The number of no-shows is independent of…
4. A flight has 100 seats and a passenger fare of $130. The number of no-shows is independent of total bookings and is given by a normal distribution with mean of 22 and standard deviation of 15. The denied- boarding cost is $260 per denied boarding. Use a table of cumulative normal distribution values or the NORMINV function of Excel to determine the optimal booking limit in this case. Recall that the booking limit needs to be an integer
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