Please do not give solution in image format thankuLately, in order to stimulate demand for its Mexican routes, United Airways has decided to offer a special non-refundable, non-exchangeable, one-month advance-purchased ticket on its Chicago Cancun route for only $450 instead of the regular $650 round-trip fare. The DC-10 used by United Airways has a capacity of 150 passengers in tourist class. Past data analysis showed that the demand for full-fare tickets follow a normal distribution with mean of 60 and a standard deviation of 15. Calculate the number of full-fare seats to reserve.

Given that:Shortage = 450Overage = 650Mean = 60Standard Deviation = 15

Answered: Lately, in order to stimulate demand…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

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Lately, in order to stimulate demand for its Mexican routes, United Airways has decided to offer a special non-refundable, non-exchangeable, one-month advance-purchased ticket on its Chicago Cancun route for only $450 instead of the regular $650 round-trip fare. The DC-10 used by United Airways has a capacity of 150 passengers in tourist class. Past data analysis showed that the demand for full-fare tickets follow a normal distribution with mean of 60 and a standard deviation of 15. Calculate the number of full-fare seats to reserve.

Features Features Normal distribution is characterized by two parameters, mean (µ) and standard deviation (σ). When graphed, the mean represents the center of the bell curve and the graph is perfectly symmetric about the center. The mean, median, and mode are all equal for a normal distribution. The standard deviation measures the data's spread from the center. The higher the standard deviation, the more the data is spread out and the flatter the bell curve looks. Variance is another commonly used measure of the spread of the distribution and is equal to the square of the standard deviation.

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