23. OverBooking: Let's say you are the Hotel Manager of Hotel Holiday. You have 300 rooms in the hotel. A famous band is organizing a concert near your hotel. Music fans can book a hotel room at $100/ night. The price is non-refundable. You are aware that some music fans may book a hotel room but not show up. Therefore, you decide to overbook the hotel. However, if you must deny a room to a music fan due to overbooking, you will need to provide accommodation in the only luxury resort near you. The price of a room at the luxury resort is $500/ night. 3A. What is the underage cost? What does this cost represent? (0.5+1.5pts) 3B. What is the overage cost? What does this cost represent? (0.5+1.5pts) 3C. What is the critical ratio? What does critical ratio represent? (0.5+1.5 pts) 3D. If number of no-shows are distributed as distribution type 1 , then how many overbookings will you do? What is the number of reservations that you will take? (2+1 pts) 3E. If number of no-shows are distributed as distribution type 2 , then how many overbookings will you do? What is the number of reservations that you will take? (2+) 3F. If number of no-shows are distributed as distribution type 3 , then how many overbookings will you do? What is the number of reservations that you will take? (2+)