Problem 2: Luxury Cruise Lines has a fleet of ships that travel to Alaska repeatedly every summer. A considerable amount of advertising is done each winter to help generate enough passengers for the summer. With the coming of the new winter season, a decision needs to be made about how much advertising to do this year. Amount of 225 400 350 275 450 advertising ($1,000s) Sales 16 21 20 17 23 (thousands of passengers) 1. How many thousands of passengers would be generated if Luxury Cruise spends $300,000 on advertising? 2. Estimate the amount of advertising needed to target a booking of 22,000 passengers. 3. Is the regression model a good model? Why?

In her last semester at SPC, Polly Hedron needs to take Statistics, Composition 2, and Ethics.  Because Polly is registering early, she has 13 choices for her section of Statistics, 15 choices for her section of Composition, and 20 choices for her section of Ethics.  From how many possible schedules can Polly choose?

Alphonse donates a fair amount of money to various charities each year. He wants to know that his money is actually going to do the charity work, though. Suppose that 90% of the charities that he donates to are probably reputable and 10% are probably not. Also, suppose that 80% of the money that goes to the real charities ends up actually being used for the charity work, while 20% goes to administrative costs. If he donates the same amount to each charity, then what percent probably goes to actual charity work? 72| % SUBMIT ANSWER O ASK FOR HELP TURN IT IN to search 344 111 80 Y U D H. V

.    In 2010, of a total of 67,000 rooms on the Las Vegas Strip, Caesars Entertainment managed 22,880, while MGM Resorts managed over 12,000. However, owing to the Great Recession and new hotel openings, between 2008 and 2010, MGM's hotel occupancy decreased from 92% to 89%, while its average daily room rate fell from $148 to $108. Meanwhile, CityCenter, managed by MGM Resorts, and the Cosmopolitan opened with 4,000 and 3,000 rooms respectively, and the 1,720-room Sahara closed.  (Sources: Caesars Entertainment Corp., Annual Report 2010; MGM Resorts, Annual Report 2010; "Sahara's closure on May 16 will mark `the end of an era'," Las Vegas Sun, March 11, 2011.) (a) Using a suitable figure, explain how the opening of CityCenter and the Cosmopolitan affects the residual demand for an existing hotel and how it should adjust prices. (b) If MGM Resorts had not reduced its room rates, what would have been the effect on occupancy? (c) Use the Cournot model to explain…