A taxi company has a small limousine at the local airport with a seating capacity of four that makes one trip per day to a predefined location. The cost of each seat to the taxi company is estimated...


A taxi company has a small limousine at the<br>local airport with a seating capacity of four<br>that makes one trip per day to a predefined<br>location. The cost of each seat to the taxi<br>company is estimated at $5 per seat (empty<br>seats still cost $5). The price per seat to the<br>customer is $10. The number of reservation<br>requests per day X is Poisson distributed with<br>parameter A = 4 for x = 0,1,2... Assuming any<br>reservation requests over four will go to rival<br>limousine services (the reservation request<br>becomes lost to this taxi company), find the<br>expected net revenue. (Note: the limousine<br>driver is still required to make the trip even if<br>there are no customers to be seated).<br>I can do the poison distribution, I need help<br>with expected revenue please.<br>p(x)<br>0.0183<br>0.07326<br>0.1465<br>0.1954<br>0.1953668149<br>1<br>2<br>XO HN34<br>

Extracted text: A taxi company has a small limousine at the local airport with a seating capacity of four that makes one trip per day to a predefined location. The cost of each seat to the taxi company is estimated at $5 per seat (empty seats still cost $5). The price per seat to the customer is $10. The number of reservation requests per day X is Poisson distributed with parameter A = 4 for x = 0,1,2... Assuming any reservation requests over four will go to rival limousine services (the reservation request becomes lost to this taxi company), find the expected net revenue. (Note: the limousine driver is still required to make the trip even if there are no customers to be seated). I can do the poison distribution, I need help with expected revenue please. p(x) 0.0183 0.07326 0.1465 0.1954 0.1953668149 1 2 XO HN34

Jun 09, 2022
SOLUTION.PDF

Get Answer To This Question

Related Questions & Answers

More Questions »

Submit New Assignment

Copy and Paste Your Assignment Here