The Owner of a Luxury Motor Yacht That Sails Among

question 72

Multiple Choice

The owner of a luxury motor yacht that sails among the 4,000 Greek islands charges $600/person/day if exactly 20 people sign up for the cruise. However,if more than 20 people sign up (up to the maximum capacity of 90) for the cruise, then each fare is reduced by $4 for each additional passenger. Assuming at least 20 people sign up for the cruise, determine how many passengers will result in the maximum revenue for the owner of the yacht. What is the maximum revenue? What would be the fare/passenger in this case?

• A) 85; $28,400; $340
• B) 90; $28,900; $350
• C) 90; $28,400; $350
• D) 85; $28,900; $340

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Definitions:

Standard Error

The standard deviation of the sampling distribution of a statistic, most commonly of the mean.

Means

Refers to arithmetic averages derived from a set of numerical data, indicating typical or central values.

Standard Deviations

Standard deviations measure the amount of variability or dispersion from the average in a set of data.

N = 15

Specifies the sample size of a study or dataset, indicating that there are 15 observations or elements.