You have just opened a new small hotel. Your fixed cost forecast is CHF 60,000 per month. A careful forecast of the monthly revenues of this hotel allows us to assume a normally distributed monthly revenue with an average of CHF 100,000 and a standard deviation of CHF 15,000. It is also assumed that, from a month to another, monthly revenues will be independent. Solve the following problems: a. What is the probability that revenues will be less than CHF 90,000 next month? b. What is the probability that revenues will exceed CHF 120,000 next month? c. What is the probability
You have just opened a new small hotel. Your fixed cost forecast is CHF 60,000 per month. A careful forecast of the monthly revenues of this hotel allows us to assume a
Solve the following problems:
a. What is the
b. What is the probability that revenues will exceed CHF 120,000 next month?
c. What is the probability that revenues will exceed CHF 110,000 for two months in a row?
d. What is the probability that revenues will be between CHF 100,000 and 120,000 next month?
e. What is the probability of having revenues that at least cover fixed costs?
f. The director would like to know more about the economic potential of the hotel. She calls you and you tell her. that over the next month revenue of more than _______ CHF can be achieved with only a 1% probability.
g. You also tell the manager that there is a 20% probability of achieving an income of less than _________ over the next month
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