1. A family-run inn is considering the use of overbooking, because the frequency of no-shows listed below has left many rooms vacant during the past summer season. An empty room represents an opportunity cost of 69, which is the average room rate. However, accommodating an overbooked guest is expensive because the nearby resort rooms average119 and the inn must pay the difference. No-shows: 0 Frequency: 4. Determine the optimal number of overbookings for the inn using the Critical Fractile Criterion. Show all steps.