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Suppose the hotel in the lecture example raised its price from $30 to $30.50. With the new price, the hotel expects 96 guests to arrive 5% of the time, 97 guests 10% of the time, 98 guests 20% of the time, 99 guests 30% of the time, 100 guests 25% of the time and 101 guests 10% of the time. The variable costs per occupied room and overbooking costs are the same as in the lecture.
Calculate the expected revenue, expected variable costs and expected costs from overbooking.
Using marginal analysis, should the hotel raise its price? Explain your answer.
Suppose the government increases spending by $30 billion and raises taxes at by $20 billion at the same time. Then, interest rates will most likely stay the same.
A profit-maximizing monopolist named Billy faces an inverse demand function described by the equation p(y) = 40 - y and his total costs are c(y) = 7y, where prices and costs are measured in dollars. In the past Billy was not taxed, but now he must pa..
Net domestic product is usually preferred to GDP by economists because net national product:
Determine the point price and income elasticities for household furniture
Ajax Cleaning Products is a medium-sized firm operating in an industry dominated by one very large firm Tile King.
Sally owns a ceiling fan company. Last year, she sold 1300 ceiling fans at $60 each, and each fan costs her $30. Before going into the ceiling fan business, she worked as a fan-dancer at $38,000 a year.
1.this question is about the theory of money demand.aconsider two financial assets a and b which could be quite
calculate the breakeven cost of the above air-conditioner with condenser using evaporative cooling if the MARR is 8% p.a.
Provide an intuitive explanation of the Principal-Agent problem and discuss any mechanisms used to mitigate the problem. You should use the business owner-manager problem as an illustration.
Explain why general level of wages is high in United States and or industrially advanced countries.
What type of inflation occurs if workers ask for higher wages and firms must raise product price in order to pay their workers?
q1. briefly discuss the similarities and differences between producer equilibrium and consumer equilibrium.q2. assume
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