Question: ANSWER THE NEXT TWO QUESTION BASED ON THE FOLLOWING: A charter fishing boat operating out of Port Aransas on the Gulf coast has recorded the

ANSWER THE NEXT TWO QUESTION BASED ON THE FOLLOWING:

A charter fishing boat operating out of Port Aransas on the Gulf coast has recorded the no-show experience show below over the past 20 excursions. To avoid the opportunity of losing the $50 fee charged per fisherman, the boat captain is considering a policy of accepting more reservations than his boat has capacity. When this policy results in turning away disappointed fishermen, he plans to hire his brother to accommodate the overbooked fishermen at $120 apiece.

Number of Reservations Frequency
0 4
1 5
2 6
3 3
4 2

Overbook 0 reservations

Overbook 1 reservation

Overbook 2 reservations

Overbook 3 reservations

2. Based on the previous question, above What would be expected gain or loss from overbooking, If the captain decides a policy of overbooking 2 extra fishermen?

Gain of $ 69

Gain of $ 16

Loss of $ 10.5

Loss of $ 104

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