Park Hyatt Philadelphia at the Bellevue, located at Walnut and Broad in downtown Philadelphia has a capacity of 240 king rooms. Customers of Hyatt are typically either leisure travelers or business customers. Hyatt charges a discount fare of $125 for a midweek stay (but requires booking a week in advance) which contrast the regular fare of $275. Typically, business customers book in the last minute, and are willing to pay the regular fare, if they can be guaranteed accommodation. Suppose we are interested in the bookings in Park Hyatt on August 6th (the day of our final exam). Hyatt knows that there are plenty of leisure travelers, willing to pay the low fares. However, all else being equal, Hyatt would like to fill those rooms with the high-fare travelers. The objective of Hyatt is to maximize the sum of revenue from both sections of the travelers. If Hyatt followed the ‘booking limit policy’, by reserving some rooms for last-minute business customers, how many rooms should it reserve? Assume that there is ample demand of leisure customers willing to pay the discount fare, and the number of business customers is normally distributed, with mean 50 and standard deviation 26. (6 points)

Step-by-step explanation:

From the question we are told that:

Regular fare R= $275

Discount fare of $125

Mean

Standard deviation

Generally, the equation for Critical Fraction is mathematically given by

From Z Distribution Table

Therefore

Reservation  made is give as for High fare travellers is

see below

step-by-step explanation:

7.   there are 10 data points in the set.   the middle point is between 5 and 6.   the middle point in the top half is 8   and the middle point in the bottom half is 3. to find the iqr , take point 8 and subtract point 3

mid term   point 8 = 100   point 3 = 88

iqr = 100-88 = 12

final   point 8 = 93   point 3 = 78

iqr = 93 - 78 = 15

the final has the greatest iqr

6.   b - there is a high data value that causes the data set to be asymmetrical for the males: the data for males are high and asymmetrical .   there is an outlier for the males that skews the data

5.   the   iqr is a better measure of spread for the movies and basketball games.   since the basketball game has an outlier, we do not want to use standard deviation for measurement.  

3.   the exam median is much higher than the class median.   the median line is farther to the right on the exams

2.   there is no way to tell what the means are from the box and whisker plots.  

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