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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.
Why do restaurants shut down at a certain hour of the day, say 10:00 p.m? Why do movie theatres still show movies that have just a handful of movie watchers? What is the difference between accounting profit, economic profit, and normal profit?
Suppose we have the following market supply and demand schedules for bicycles: Price Quantity Demanded Quantity Supplied $100 70 30 $200 60 40 $300 50 50 $400 40 60 $500 30 70 $600 20 80. Plot the supply curve and the demand curve for bicycles. What ..
Are cyclical fluctuations necessary for economic growth?
The opportunity cost of producing capital is. A marginal revenue product curve shows the change in. Vertical integration has no effect on the internal organization of a firm; it only affects the outside markets. Publications such as Consumer Reports ..
Perform an annual equivalence analysis for the two options, and state which is the better option and why. Calculate the present worth of the incremental system (1 - 2): and state which option is better and why.
The interest rate generally considered to be the best indicator of day-to-day money market conditions and the one most directly monitored/targeted by the Fed is:
What are the gains and losses of international trade? What happens when tariffs are imposed, in terms of the importing and exporting countries? Use graphs as needed and explain your answers thoroughly.
The main liability on the Federal Reserve's balance sheet is. Third Bank has reserves of $12.3 million and transaction accounts of $115 million. If required reserves are 10 percent of transactions accounts, Third Bank has excess reserves of
Firms that had virtual monopoles, that is control over at least 80% of industry production, because of control over an essential resource include all of the following except the - The marginal revenue that would be derived from the production of a ..
Using the information on exhibit 2 calculate the consumer price index in the current year.
Mini-Fit Solutions is a manufacturer of miniature valves and fittings. Over an 8 year period the costs associated with a certain product line were as follows: What was the company’s Internal Rate of Return (IRR) for the product over this study period..
Complete an in-depth analysis of a current labor event in one of the following countries: China, Hong Kong, France, England/UK, Germany, or Mexico. Pick a single specific topic of labor relations to evaluate, such as strikes, formation, impasse resol..
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