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Posted: Fri May 20, 2022 8:03 am
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The information here is the same for answering questions 18 to 21. The Marriott Hotel in Central has 100 rooms available for Dec 31. There are two types of customers, business customers and leisure customers. Marriot charges a high rate of $250/night and a low rate of $120/night. High-rate guests do not need pre-booking and has time flexibility: low rate guests need pre-booking. Assume business customers always take the high rate option and leisure customers always take the low rate option. Leisure customers always book far earlier before business customers and there are sufficient leisure customers. The total number of business customers is uncertain and its demand distribution is given in the following table: Number of business customers Probability 56 0.06 57 0.08 58 0.19
59 0.21 60 0.2 61 0.16 62 0.07 63 0.03 How many rooms should Marriott reserve for business customers on Dec 31 to maximize its revenue? 60 59 56 58 57
Based on the optimal protection level for business customers, the probability that there is no available room for one or more business customers is: 76% 46% 26% 60% 40%
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59 0.21 60 0.2 61 0.16 62 0.07 63 0.03 How many rooms should Marriott reserve for business customers on Dec 31 to maximize its revenue? 60 59 56 58 57
Based on the optimal protection level for business customers, the probability that there is no available room for one or more business customers is: 76% 46% 26% 60% 40%