Concept explainers
An airline always overbooks if possible. A particular plane has 95 seats on a flight in which a ticket sells for $300. The airline sells 100 such tickets for this flight.
(a) If the
(b) If the airline must return the $300 price plus a penalty of $400 to each passenger that cannot get on the flight, what is the expected payout (penalty plus ticket refund) that the airline will pay?
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