Question: This assignment has 4 Questions with sub parts. For Questions 1 to 3 , use the following definition of distribution types. Distribution Type 1: Normal

This assignment has 4 Questions with sub parts.
This assignment has 4 Questions with sub parts.
This assignment has 4 Questions with sub parts.
This assignment has 4 Questions with sub parts. For Questions 1 to 3 , use the following definition of distribution types. Distribution Type 1: Normal distribution with mean =75 and std. dev =25 Distribution Type 2: Uniform Distribution U[50,100] Distribution Type 3: Discrete Distribution Q2. Protection Level: Let's say you are the Hotel Manager of Hotel Holiday. You have 300 rooms in the hotel. A famous band is organizing a concert near your hotel. Music fans can either book the hotel in advance for a discounted price of $100/ night or wait until the last minute to book a room at a price of $300/ night. The demand is large enough that you can sell out all rooms at $100/ hight. Answer the following questions based on the above info. 2A. What is the underage cost? What does this cost represent? (0.5+1.5pts) 2B. What is the overage cost? What does this cost represent? (0.5+1.5pts) 2C. What is the critical ratio? What does critical ratio represent? (0,5+1:5pts) 2D. If demand of last-minute music fans is distributed as distribution type. 1 , then how many rooms will you set aside for last-minute music fans? What is the Booking Limit for the discounted rooms? (2+1 pts) 2E. If demand of last-minute music fans is distributed as distribution type 2 , then how many rooms will you set aside for last-minute music fans? What is the Booking Limit for the discounted rooms? (2+1pts) 2F. If demand of last-minute music fans is distributed as distribution type 3, then how many rooms will you set aside for last-minute music fans? What is the Booking Limit for the discounted rooms? (2+1pts)

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