As the manager of a 60-unit motel you know that all units are occupied when you...
As the manager of a 60-unit motel you know that all units are occupied when you charge $80 a day per unit. Each occupied room costs $56 for service and maintenance a day. You have also observed that for every x dollars increase in the daily rate above $80, there are 2x units vacant. Determine the daily price that you should charge in order to maximize profit. Calculate the number of occupied units. Assuming that fixed cost is $258 calculate optimal profit. 6 What price would you charge if you want to maximize total revenue instead? What will be the resulting profit in that case?
Homework Answers
Add Answer to:
As the manager of a 60-unit motel you know that all units are
occupied when you...
20629393 6. -45 points y Notes Ask Your This is Section 3.8 Problem 30: A motel owner observes th...
20629393 6. -45 points y Notes Ask Your This is Section 3.8 Problem 30: A motel owner observes that when a room is priced at $60 per day, all 80 rooms of the motel are occupled. For every $3 rise in the charge per room per day, one more room is vacant. Each occupled room costs an additional $16 per day to maintain. (a) The demand function, expressed by p, the price in dollars charged for each room per day,...
All units in a 100-unit apartment building are rented out when the monthly rent is set...
All units in a 100-unit apartment building are rented out when the monthly rent is set at r = $900/month. Suppose that one unit becomes vacant with each $10 increase in rent and that each occupied unit costs $80/month in maintenance. Which rent r maximizes monthly profit? r= $ A billboard of height b = 2 meters is mounted on the side of a building with its bottom edge at a distance h = 7 meters from the street. At...
4) SUMPRODUCT Question 16 (1 point) You own a motel with 115 rooms. Fixed daily cost...
4) SUMPRODUCT Question 16 (1 point) You own a motel with 115 rooms. Fixed daily cost for Mortgage is 1,054. Other fixed costs (including staff salaries, maintenance) amount to $771 per day. Variable cost per room is $11 per day (includes extra utility cost, room cleanup, etc). Customers pay $78 per room per day. A local company rented all the rooms of the hotel for 26 days for a workshop. What was the profit (or loss) of the hotel during...
(18) You own an apartment complex with 40 units. All units are occupied. The monthly rent...
(18) You own an apartment complex with 40 units. All units are occupied. The monthly rent for 15 units is $1,100 per unit, and the monthly rent of the other 25 units is $1,400 per unit. The total maintenance cost is $3,000 per month for the entire complex. The property tax is $200 per month for the entire complex. Assume there are no other costs and also no changes in the rent, the maintenance cost, and the tax. The units...
5. Profit maximization and shutting down in the short run Suppose that the market for black...
5. Profit maximization and shutting down in the short run Suppose that the market for black leather purses is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. PRICE (Dollars per purse) + MC AVC 0 10 90 100 20 30 40 50 60 70 80 QUANTITY (Thousands of purses) For each price in the following table, calculate the firm's optimal quantity of units to produce, and determine the profit or...
1.You run a hospital with 100 rooms. Fixed daily cost is $901.00 which includes staff salary,...
1.You run a hospital with 100 rooms. Fixed daily cost is $901.00 which includes staff salary, property charges, maintenance etc. Variable cost per room is $19.00 which includes cleaning, equipment rentals, utility cost etc. which is incurred only when the room is full. You charge $50.00 per room per day. You sold 33.00 rooms today, how much profit/loss did you earn for today. 2 .For a table manufacturing company, selling price for a table is $21.00 per Unit, Variable cost...
PLEASE READ THE GRAPHS AND ANSWER CORRECT ANSWERS!!! Suppose that you are the marketing manager of...
PLEASE READ THE GRAPHS AND ANSWER CORRECT ANSWERS!!!
Suppose that you are the marketing manager of Pulp Corp., the only producer of tangelos in the imaginary economy of Rattleville. As a monopolist, Pulp Corp.s objective is to maximize its profit, so it is up to you devise a way to increase profits through price discrimination. As a former economics student, you know that many firms successfully practice price discrimination by separating their market into two identifiable types of consumers-what economists...
Roles What do they know Sales Manager You want to sell 10,000 units in April, 15,000...
Roles What do they know Sales Manager You want to sell 10,000 units in April, 15,000 in May, 8,000 units in June at $20 each. Business Development You know that our competitor is struggling with manufacturing and supply is low, and your POV is that demand will increase by 10% in April and May Manufacturing Supervisor You have seen that raw material supply shipments are being delayed - and you want to keep 15% of next months production needs on...
pleaser answer all four questions. thank you. 10 MC 8 Price and costs (dollars per unit)...
pleaser answer all four questions. thank you.
10 MC 8 Price and costs (dollars per unit) ATC 6 4 2. MR D 0 2 4 6 8 10 12 Quantity (units per year) The graph above describes a profit-maximizing monopolist. If the monopolist charges a price of $4, how many units will the monopolist sell? O4 O 6 o 8 Assume a perfectly competitive industry making peanuts is in long-run equilibrium. The price per pound of peanuts is $2. Next,...
Case Analysis 4: Unit 9 Speed Racer in Victoria makes bicycles for people of all ages....
Case Analysis 4: Unit 9 Speed Racer in Victoria makes bicycles for people of all ages. The frames division makes and paints the frames and supplies them to the assembly division where the bicycles are assembled. Speed Racer is a successful and profitable corporation that attributes much of its success to its decentralized operating style. Each division manager is compensated on the basis of division operating income. The assembly division currently acquires all its frames from the frames division. The...
20629393 6. -45 points y Notes Ask Your This is Section 3.8 Problem 30: A motel owner observes that when a room is priced at $60 per day, all 80 rooms of the motel are occupled. For every $3 rise in the charge per room per day, one more room is vacant. Each occupled room costs an additional $16 per day to maintain. (a) The demand function, expressed by p, the price in dollars charged for each room per day,...
All units in a 100-unit apartment building are rented out when the monthly rent is set at r = $900/month. Suppose that one unit becomes vacant with each $10 increase in rent and that each occupied unit costs $80/month in maintenance. Which rent r maximizes monthly profit? r= $ A billboard of height b = 2 meters is mounted on the side of a building with its bottom edge at a distance h = 7 meters from the street. At...
4) SUMPRODUCT Question 16 (1 point) You own a motel with 115 rooms. Fixed daily cost for Mortgage is 1,054. Other fixed costs (including staff salaries, maintenance) amount to $771 per day. Variable cost per room is $11 per day (includes extra utility cost, room cleanup, etc). Customers pay $78 per room per day. A local company rented all the rooms of the hotel for 26 days for a workshop. What was the profit (or loss) of the hotel during...
(18) You own an apartment complex with 40 units. All units are occupied. The monthly rent for 15 units is $1,100 per unit, and the monthly rent of the other 25 units is $1,400 per unit. The total maintenance cost is $3,000 per month for the entire complex. The property tax is $200 per month for the entire complex. Assume there are no other costs and also no changes in the rent, the maintenance cost, and the tax. The units...
5. Profit maximization and shutting down in the short run Suppose that the market for black leather purses is a competitive market. The following graph shows the daily cost curves of a firm operating in this market. PRICE (Dollars per purse) + MC AVC 0 10 90 100 20 30 40 50 60 70 80 QUANTITY (Thousands of purses) For each price in the following table, calculate the firm's optimal quantity of units to produce, and determine the profit or...
PLEASE READ THE GRAPHS AND ANSWER CORRECT ANSWERS!!!
Suppose that you are the marketing manager of Pulp Corp., the only producer of tangelos in the imaginary economy of Rattleville. As a monopolist, Pulp Corp.s objective is to maximize its profit, so it is up to you devise a way to increase profits through price discrimination. As a former economics student, you know that many firms successfully practice price discrimination by separating their market into two identifiable types of consumers-what economists...
pleaser answer all four questions. thank you.
10 MC 8 Price and costs (dollars per unit) ATC 6 4 2. MR D 0 2 4 6 8 10 12 Quantity (units per year) The graph above describes a profit-maximizing monopolist. If the monopolist charges a price of $4, how many units will the monopolist sell? O4 O 6 o 8 Assume a perfectly competitive industry making peanuts is in long-run equilibrium. The price per pound of peanuts is $2. Next,...
Case Analysis 4: Unit 9 Speed Racer in Victoria makes bicycles for people of all ages. The frames division makes and paints the frames and supplies them to the assembly division where the bicycles are assembled. Speed Racer is a successful and profitable corporation that attributes much of its success to its decentralized operating style. Each division manager is compensated on the basis of division operating income. The assembly division currently acquires all its frames from the frames division. The...
Most questions answered within 3 hours.
-
Write the ionic equations for the first stage of salts
hydrolysis.
Anion, Cation?
Na2S
NiSO4
K2SO4...
asked 54 minutes ago -
suppose there is a normally distributed population with a mean of
250 and a standard deviation...
asked 1 hour ago -
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 2 hours ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 3 hours ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 3 hours ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 3 hours ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 4 hours ago -
For Dijkstra’s shortest path algorithm:
a. Give the Big-O time for Dijkstra’s shortest path algorithm
and...
asked 4 hours ago -
Phosphorus violates the 'octet rule' in biological molecules,
forming more covalent bonds than expected based on...
asked 4 hours ago -
A 1.3 eV electron has a 10-4 probability of tunneling
through a 2.4 eV potential barrier....
asked 4 hours ago -
What is the one ingredient that is common to being successful
with all stakeholders?
profit
trust...
asked 4 hours ago -
Write an assembly language 32 bit program that reads in lines of
text by a .txt...
asked 4 hours ago