Question
In: Math
The following table shows the length of stay distribution for guests staying at a beach resort,...
The following table shows the length of stay distribution for guests staying at a beach resort, in days. The resort management makes a net profit of $250 per day per guest during the first 2 days of the stay, and $150 per day per guest after the first 2 days. How much profit will the resort owners make in a month (assuming 30 days in a month) if there are 100 guests arriving per day? [Hint: Note that a guest who only stays for two days is billed $500; find the average profit for one guest then work out for the entire month.]
Must be completed in Excel
| Days | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 |
| Prob (%) | 5 | 10 | 12 | 12 | 11 | 15 | 14 | 12 | 9 |
Solutions
Expert Solution
total revenue for 100 guests arriving on a day =
| 114350 |
total revenue for 100 guests arriving every day for 30 days=
| 3430500 |
The answer has been implemented in excel along with the excel formula and the calculation formula mentioned borh in the pictures
milcah answered 7 months agoRelated Solutions
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__________________
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