The Greybeard Busing Company is assessing its overbooking policy for the Miami"?oFort Myers run. The number of customers who don't show up after reserving a ticket is uniformly distributed from 1 to 10 (10% chance of 1 no-show, 10% chance of 2, etc.). Tickets cost $25, and if the particular bus run is full, a passenger with a reservation is given passage on a rival bus line, a cost of $60. What should Greybeard's overbooking policy be?
USE BOTH TABULAR AND THE CRITICAL FRACTILE METHOD TO DETERMINE THE OVERBOOKING STRATEGY .Click here for more on this paper.......