Reference no: EM13208146
Resort A and Resort B are two ski areas. On any randomly selected day during the ski season, the expected number of skiers purchasing lift tickets at Resort A is 6,000, with a standard deviation 2,000. The number of skiers purchasing lift tickets at Resort B is also a random variable, with expected value 4,000 and standard
deviation 1,500. The number of skiers purchasing lift tickets at each area is positively correlated, with a correlation of 0.56.
a) Find the expected total number of skiers at the two ski areas, and the standard deviation of the total number of skiers at the the two areas.
(b) Suppose that both ski areas charge $40 per lift ticket. Find the expected daily revenues for each of the two ski areas, and the expected sum of the two areas' revenues. Find the standard deviation of the daily revenues for each ski area, and the standard deviation of the sum of the two areas' daily revenues.
(c) The owner of Resort B proposes a revenue sharing agreement with Resort A. Under the proposal, the two resort operators would share their combined daily revenues on a 60/40 basis: Resort A would receive 60%
of the combined revenues, Resort B would receive the other 40%. Find Resort A's expected daily revenue under this agreement. Find the standard deviation in A's daily revenue under this agreement. If this was a take-it-or-leave-it offer, would you advise the owner of Resort A to accept? Why or why not?
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: Resort A and Resort B are two ski areas. On any randomly selected day during the ski season, the expected number of skiers purchasing lift tickets at Resort A is 6,000, with a standard deviation 2,000. The number of skiers purchasing lift tickets ..
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