An Airline Reservation System First Asks Customers Whether They Want

question 5

Essay

An airline reservation system first asks customers whether they want to schedule a domestic or an international flight. Sixty-five percent of the reservations are for domestic flights. The time distribution of advance sales is also important, and it is given below. ​
a.
Place the appropriate random number ranges in the tables above.
b.
Set up and perform a simulation for three customers. Determine whether they want a domestic or international flight, and how far in advance the reservation is being made. Use random numbers from this list: .632 .715 .998 .671 .744 .021

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Definitions:

Real GDP

Gross Domestic Product adjusted for inflation, giving an accurate measure of an economy's size and how it's growing over time.

GDP Deflator

A measure that reflects the prices of all domestically produced goods and services in an economy.

Percentage Change

A mathematical calculation that describes the degree of change over time, expressing the difference as a percentage of the initial value.

Nominal GDP

The total value of all goods and services produced domestically, calculated using present-day prices, without making corrections for inflation.