Asked Oct 6, 2019

Two motels are up for sale. The following two tables give the number of rooms rented per day together with the associated probabilities (P).

  Motel 1
Number of rooms 5 6 7 8 9 10
P 0.06 0.11 0.33 0.23 0.2 0.07

  Motel 2
Number of rooms 3 4 5 6 7
P 0.05 0.06 0.11 0.23 0.55

The average profit per room rented at the first motel is $28 and the average profit per room rented at the second motel is $37. Which motel will yield the higher daily profit?

Motel 1 or Motel 2    

Expert Answer

Step 1

The average profit per room rented at the first motel is $28.

The average profit per room rented at the second motel is $37.

From the information, it is observ...

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