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How many rooms should be overbooked

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The hotels has 118 King/Queen rooms. Hotel offers a rLDemand for low fare rooms is abundant. = $159 (low fare) discount fare for a mid-week stay targeting leisure travelers. The forecast for the number of customers that do not show up (X) is Poisson with mean 8.5. The cost of denying a room to the customer with a confirmed reservation is $350 in loss of good-will and penalties.

Problem 1: How many rooms (Y) should be overbooked (sold in excess of capacity)?

Reference no: EM133009685

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