As an airline, what are the factors that it needs to consider when making overbooking decisions?

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Due: Feb 5

Q1 [2 pts]. As an airline, what are the factors that it needs to consider when making overbooking decisions?

Q2[4 pts]. If the booking limit is set to 75, what is the average number of overbooked passengers? What is the average revenue? To make it easy to understand, construct a histogram to visualize the distribution of the number of overbooked passengers.

Q3 [4 pts]. What is the booking limit that maximizes average revenue? What is the optimal average revenue? How do the results compare with those in (1)?