Deluxe River Cruises Operates a Fleet of River Vessels

question 117

Short Answer

Deluxe River Cruises operates a fleet of river vessels. The fleet has two types of vessels: a type-A vessel has 60 deluxe cabins and 160 standard cabins, whereas a type-B vessel has 80 deluxe cabins and 120 standard cabins. Under a charter agreement with the Odyssey Travel Agency, Deluxe River Cruises is to provide Odyssey with a minimum of 700 deluxe and 1,400 standard cabins for their 15-day cruise in May. It costs $58,000 to operate a type-A vessel and $54,000 to operate a type-B vessel for that period.
How many of each type of vessel should be used in order to keep the operating costs to a minimum? __________ __________
Find the range of values that the cost of operating a type-A vessel can assume without changing the optimal solution.
$ $
Find the range of values that the requirement for deluxe cabins can assume.
≤ deluxe cabins ≤
Find the shadow price for the requirement for deluxe cabins.
Shadow price _{deluxe cabins} $__________

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Definitions:

Confidence Interval

An interval of figures obtained from statistics of a sample, expected to include the value of a hidden population parameter.

Level of Significance

A predetermined value that indicates the probability of rejecting a true null hypothesis in hypothesis testing.

Chi-Squared Variable

A variable that follows the chi-squared distribution, typically used in tests of independence and goodness-of-fit.

Degrees of Freedom

The sum of independent quantities or values able to be set for a statistical distribution.