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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.
Elucidate what other types of variables should be considered when determining what is reasonable in terms of maintenance expense.
Let’s assume that you own a fast food restaurant and you are faced with many customers each day eating in the restaurant without any tables. Describe the difference between the short run and long run in the example to bringing about more tables for t..
How is power distributed in the U.S. political system? How does the U.S. political system reflect the distribution of power? List and discuss six ways in which urban planning can be political in nature. With references.
q1. explain why hyperinflation has such a devastating impact on economies.explain what it takes to stop hyperinflation
If the tax elasticity of labor supply were 0.19, by how much would the quantity of labor supplied increase among people in the top U.S. tax bracket if the highest marginal tax rate in the United States were reduced to the level of Bolivia?
Explain the ethnocentric, polycentric, egocentric, and geocentric approaches toward international human resource management, including when and how each is best used.
question 1. in the x11 multiplicative decomposition method y t x c x s x epsilon an ma 3 smoother is applied to the
Use economic analysis to explain why the optimal amount of product safety may be less than the amount that would totally eliminate risks of accidents and deaths. Use automobiles as an example.
Suppose Larry, More, and Curly are bidding in an auction for a mint-condition video of Charlie Chaplin's first movie. Each has in mind a maximum amount that he will bid.
The minimum feasible long-run average cost for firms in a perfectly cempetitive industry is $58 per unit. IF every firm in the industry currently is producing an output consistent with a long-run equilibrium, calculate the marginal cost incurred by e..
Discuss the role and the effect of reputation on cooperative behavior by selfish individuals. Discuss the biological reason for cooperative behavior with relatives.
Elucidate how that a profit-maximizing bundle will typically not exist for a technology that exhibits increasing returns to scale
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