Jim Johnson operates a bus service to take college students to "The Big City" on Friday night and bring them back to school on Sunday night. The bus has 45 seats but sometimes there are empty seats. His records show that about 5% of ticket holders do not show up for their ride. Tickets cost $20 and are non-refundable. If Jim overbooks the bus and more than 45 passengers show up, some of them will be bumped and have to miss the trip. This bumping costs the company $40 because Jim has a double-your-money back policy for bumped passengers. Jim plans to accept 48 reservations (overbook 3 seats).
What is Jim Johnson's expected marginal profit?
Definitions:
Fossilization
The process by which living organisms are preserved as fossils, including permineralization, cast and mold formation, and amber entrapment.
Isotopic Ages
The determination of the age of a material based on the decay rate of its radioactive isotopes, crucial for understanding geological and archaeological timelines.
Crosscutting Dike
A geological feature where a body of igneous rock cuts across the structure of adjacent rocks, indicating it is younger.
Paleozoic
An era of geological time from about 541 to 252 million years ago, marked by the development of abundant marine life and the first appearance of life on land.
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