5- The Great Wolf Lodge resort has 55 rooms available for the coming Christmas break booking....

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5- The Great Wolf Lodge resort has 55 rooms available for the coming Christmas break booking. The resort manager is trying to determine how many rooms on Christmas eve should be kept for sale at the full price of $300/night and how many should be offered at an advance purchase discount of $200. Historical records for the past 25 years on Christmas eve nights indicated the following bookings: (10 points) Room Demand Frequency Level at full price 0-45 1 48 49 SSSSSS 2 46 3 47 2 4 8 50 4 51 2 52 1 53 0 54 0 55 0 (a) Calculate the probabilities and expected revenue for this resort. (4 marks) (b) Based on your calculations, determine the maximum number of rooms that will be available to advance purchase discounts of $200. (2 marks) (c) If the manager is considering a discount price of $150, how many rooms will be available then for advance purchase discount. (2 marks) (d) Given your answer in part b and c, explain the difference and which advance purchase discount would you recommend and why? (2 marks) 5- The Great Wolf Lodge resort has 55 rooms available for the coming Christmas break booking. The resort manager is trying to determine how many rooms on Christmas eve should be kept for sale at the full price of $300/night and how many should be offered at an advance purchase discount of $200. Historical records for the past 25 years on Christmas eve nights indicated the following bookings: (10 points) Room Demand Frequency Level at full price 0-45 1 48 49 SSSSSS 2 46 3 47 2 4 8 50 4 51 2 52 1 53 0 54 0 55 0 (a) Calculate the probabilities and expected revenue for this resort. (4 marks) (b) Based on your calculations, determine the maximum number of rooms that will be available to advance purchase discounts of $200. (2 marks) (c) If the manager is considering a discount price of $150, how many rooms will be available then for advance purchase discount. (2 marks) (d) Given your answer in part b and c, explain the difference and which advance purchase discount would you recommend and why? (2 marks)