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Can someone help me solve this problem? You've collected the following data on the rates charged at the Hotel California (for a room with one
Can someone help me solve this problem?
You've collected the following data on the rates charged at the Hotel California (for a room with one queen-sized beds and 'free' continental breakfast) and the number of rooms occupied. The hotel has 50 rooms, and at no time were potential visitors turned away due to no vacancy. Use this data to estimate a 'constant elasticity' demand function. Estimate the price elasticity of demand.
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