4. ABC hotel in Ottawa has 20 rooms. Based on the past date, the hotel man- ager estimates that15% chancre of any confirmed reservation is "no-show." Consequently, the hotel would like toaccept more confirmed reservations than 20, say, 25. If more con- firmed guests arrive thanthere are rooms, the overbooked guests are sent to another hotel and given a complimentarydinner. Suppose that the hotel currently has 25 confirmed reservations.(a) Is this a binomial experiment? Why or why not? What is the random variable of interest?(b) Findi. The probability that no customers will be sent to another hotel;ii. The probability that exactly 2 guests will be sent to another hotel;iii. The probability that 3 or more guests will be sent to another hotel.

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4. ABC hotel in Ottawa has 20 rooms. Based on the past date, the hotel man- ager estimates t 15% chancre of any confirmed reservation is "no-show." Consequently, the hotel would like accept more confirmed reservations than 20, say, 25. If more con- firmed guests arrive th there are rooms, the overbooked guests are sent to another hotel and given a compliment dinner. Suppose that the hotel currently has 25 confirmed reservations.

4. ABC hotel in Ottawa has 20 rooms. Based on the past date, the hotel man- ager estimates t 15% chancre of any confirmed reservation is "no-show." Consequently, the hotel would like accept more confirmed reservations than 20, say, 25. If more con- firmed guests arrive th there are rooms, the overbooked guests are sent to another hotel and given a compliment dinner. Suppose that the hotel currently has 25 confirmed reservations.

Microeconomic Theory

12th Edition

ISBN:9781337517942

Author:NICHOLSON

Publisher:NICHOLSON

Chapter7: Uncertainty

Section: Chapter Questions

Problem 7.7P

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