A student wishes to earn some pocket money during his semester break. He thinks hard and comes up with the idea of buying early tickets for theater shows and selling them to last-minute customers who cannot find tickets. He can buy early tickets for around 40 TL each. Late customers are usually ready to pay 75 TL per ticket. Normally, unsold tickets are of no value, however, the student has good contacts with the ticket office attendant. So, if the student has left over tickets when the show starts, the attendant at the ticket office pays him 20 TL per ticket. Assume, now that the student wants to be more precise in estimating the demand and keeps a record of demand on each day. After careful analysis, he identifies that his demand obeys the triangular distribution with lower limit a, upper limit b and mode c, where a < b and a ≤c≤ b. Identify the optimum number of tickets in terms of a, b and c to buy for this case by assuming your own data sets.
A student wishes to earn some pocket money during his semester break. He thinks hard and comes up with the idea of buying early tickets for theater shows and selling them to last-minute customers who cannot find tickets. He can buy early tickets for around 40 TL each. Late customers are usually ready to pay 75 TL per ticket. Normally, unsold tickets are of no value, however, the student has good contacts with the ticket office attendant. So, if the student has left over tickets when the show starts, the attendant at the ticket office pays him 20 TL per ticket. Assume, now that the student wants to be more precise in estimating the demand and keeps a record of demand on each day. After careful analysis, he identifies that his demand obeys the triangular distribution with lower limit a, upper limit b and mode c, where a < b and a ≤c≤ b. Identify the optimum number of tickets in terms of a, b and c to buy for this case by assuming your own data sets.
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 57SE: Karl has two years to save $10000 to buy a used car when he graduates. To the nearest dollar, what...
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Transcribed Image Text:A student wishes to earn some pocket money during his semester break. He thinks hard and comes up
with the idea of buying early tickets for theater shows and selling them to last-minute customers who
cannot find tickets. He can buy early tickets for around 40 TL each. Late customers are usually ready to
pay 75 TL per ticket. Normally, unsold tickets are of no value, however, the student has good contacts
with the ticket office attendant. So, if the student has left over tickets when the show starts, the attendant
at the ticket office pays him 20 TL per ticket.
Assume, now that the student wants to be more precise in estimating the demand and keeps a record of
demand on each day. After careful analysis, he identifies that his demand obeys the triangular distribution
with lower limit a, upper limit b and mode c, where a < b and a ≤c≤ b. Identify the optimum number of
tickets in terms of a, b and c to buy for this case by assuming your own data sets.
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