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As you prepare your responses for the following questions, consider the data: Assume the hotel has a total of 18 rooms. Survey data. Willingness to
As you prepare your responses for the following questions, consider the data: Assume the hotel has a total of 18 rooms. Survey data. Willingness to pay Number of customers 100 1 200 4 300 10 400 4 500 0 &00 3 If the hotel charges $200 a night, how many customers are willing to stay at this hotel and pay $200 or more per night? If the hotel charges $200 a night, how many rooms will be booked? If the hotel charges $200 a night, what is the total revenue the hotel can eam? (room rate times the number of rooms booked) If the hotel charges $500 a night, how many customers are willing to stay at this hotel and pay $500 or more per night? If the hotel charges $500 a night, how many rooms will be booked? If the hotel charges $500 a night, what is the total revenue the hotel can eam? (room rate times the number of rooms booked) Assume you can only charge a single price, what is the optimal price to charge jngoder_te earn the highest revenue? (Hint: try each of the price points and compare their corresponding revenue) 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
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