Question: do not copy and paste answer. the person who did the forst one got it wrong Part 3. To get full credit, please show all

do not copy and paste answer. the person who did the forst one got it wrong

Part 3. To get full credit, please show all your work. The Star Hotel in Miami, FL, is considering doing overbooking in order to deal with the constant problem they have with no-shows. The table given below presents the number of no-shows and the probability of each occurring. a) What would be your recommendation for overbooking if the average rate per room per night is $98 and the cost of not honoring a reservation is $150? b) What is the expected loss for your overbooking choice? c) State the reasoning for selecting your overbooking choice. Probability of No-Shows occurring # of No-Shows (d) P(d) 0 0.12 1 0.07 2 0.10 3 0.02 4 0.07 5 0.22 6 0.04 7 0.19 8 0.01 0.16 9

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