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What profits will the morrison make

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Reference no: EM132456615

Problem: The market for hotel rooms, such as those available at the Morrison Hotel is perfectly competitive. Rooms are currently selling for $40 per night. The cost of producing a room at the Morrison Hotel is: C(q) =450+20q+½q2

Required:

1) Given the current market conditions, what profits will the Morrison make?

2) Assuming that the cost function is the same for all hotels, how many hotels would you expect to survive in the long run? The market demand for hotel rooms is QD=180,000/P.

Reference no: EM132456615

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