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case study attached

Answered Same Day Dec 21, 2021

Solution

David answered on Dec 21 2021

115 Votes

Solution 1:
Using a binomial distribution, and let Res = n = number of reservations sold.

    A
ivals
    Res.
    0
    1
    2
    3
    4
    5
    6
    7
    8
    9
    16
    4.3E-23
    1.6E-20
    3E-18
    3.3E-16
    2.6E-14
    1.5E-12
    6.6E-11
    2.3E-09
    6.1E-08
    1.3E-06
    17
    1.7E-24
    7E-22
    1.3E-19
    1.6E-17
    1.4E-15
    8.5E-14
    4.1E-12
    1.5E-10
    4.6E-09
    1.1E-07
    18
    6.9E-26
    3E-23
    6.1E-21
    7.8E-19
    7E-17
    4.7E-15
    2.4E-13
    1E-11
    3.3E-10
    8.8E-09
    19
    2.7E-27
    1.3E-24
    2.7E-22
    3.7E-20
    3.5E-18
    2.5E-16
    1.4E-14
    6.4E-13
    2.3E-11
    6.7E-10

    A
ivals
    Res.
    10
    11
    12
    13
    14
    15
    16
    17
    18
    19
    16
    2.2E-05
    0.00029
    0.00285
    0.02108
    0.10842
    0.34694
    0.5204
    0
    0
    0
    17
    2.1E-06
    3.2E-05
    0.00039
    0.00358
    0.02457
    0.11796
    0.35387
    0.49959
    0
    0
    18
    1.9E-07
    3.3E-06
    4.7E-05
    0.00052
    0.00442
    0.02831
    0.12739
    0.3597
    0.4796
    0
    19
    1.6E-08
    3.2E-07
    5.1E-06
    6.5E-05
    0.00067
    0.00538
    0.03227
    0.13669
    0.3645
    0.46042
P (R > 16| Res = 17, p = 0.96) = P (R =...

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