A recreational fishing company has a boat with 6 seats and sells trip tickets for $220...

 

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A recreational fishing company has a boat with 6 seats and sells trip tickets for $220 at full price and $180 at a discount. The table below shows the losses (with one exception) for different demand outcomes if 4 tickets are protected for sale at full price. What is the expected loss if 4 tickets are protected? State answer with one decimal place. (Hint-you need to complete the table first) #Tickets Sold at Full Price 0 1 2 3 4 5 6 Probability 0.05 0.20 0.20 0.20 0:20 0.10 0.05 Loss (Decision Q-4) 720 540 360 180 0 40 A recreational fishing company has a boat with 6 seats and sells trip tickets for $220 at full price and $180 at a discount. The table below shows the losses (with one exception) for different demand outcomes if 4 tickets are protected for sale at full price. What is the expected loss if 4 tickets are protected? State answer with one decimal place. (Hint-you need to complete the table first) #Tickets Sold at Full Price 0 1 2 3 4 5 6 Probability 0.05 0.20 0.20 0.20 0:20 0.10 0.05 Loss (Decision Q-4) 720 540 360 180 0 40

Answer rating: 100% (QA)

Expected Loss Probability of Outcome Loss for that Outcome For 6 tickets ... View the full answer