As you prepare your responses for the following questions, consider the data: Assume the hotel has a total of 20 rooms e Survey data Willingness to pay Number of customers 200 6 300 11 400 7 500 600 Question 1 6 pts If the hotel charges $200 a night, how many customers are willing to stay at this hotel and pay $200 or more per night? Question 2 6 pts If the hotel charges $200 a night, how many rooms will be booked? Question 3 6 pts If the hotel charges $200 a night, what is the total revenue the hotel can earn? (room rate times the number of rooms booked) Question 4 6 pts If the hotel charges $500 a night, how many customers are willing to stay at this hotel and pay $500 or more per night? Question 5 6 pts If the hotel charges $500 a night, how many rooms will be booked? Question 6 6 pts If the hotel charges $500 a night, what is the total revenue the hotel can earn? (room rate times the number of rooms booked) Question 7 7 pts Assume you can only charge a single price, what is the optimal price to charge in order to earn the highest revenue? (Hint: try each of the price points and compare their corresponding revenue) Question 8 7 pts Assume you now have a mechanism to practice perfect price discrimination and charge everyone the maximum amount they are willing to pay, what is the total revenue the hotel can earn? (Hint: add up the top 20 highest willingness-to-pay room rates from the survey) Question 7 Ut Assume you can only charge a single price, what is the optimal price to charge in order to earn the highest revenue? (Hint: try each of the price points and compare their corresponding revenue) 6,000