Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I am confused and need explainations Vacation Island has only one hotel on the entire island. The demand schedule to rent a room for a-night

I am confused and need explainations

image text in transcribed
Vacation Island has only one hotel on the entire island. The demand schedule to rent a room for a-night at the hotel is given bellow Price Quantity $160 $150 $140 2 $130 3 $120 4 $110 5 $100 6 $90 7 $80 8 $70 9 $60 10 $50 11 $40 12 Calculate the total revenue and the marginal revenue for the hotel. Fill in the table below. Show all your calculations. Price Quantity Total Revenue Marginal Revenue $160 $150 $140 $130 $120 $110 5 $100 6 $90 7 $80 8 $70 9 $60 10 $50 11 $40 12 The total costs are listed in the table below. Calculate the marginal cost for each quantity. Show all of your calculations. Quantity Total Cost Marginal Cost $50 $59 2 $69 3 $81 $96 5 $115 6 $139 7 $169 8 $206 9 $251 10 $305 11 $369 12 $444 How many rooms will the hotel rent, to maximize its profit? Explain. . What price will the hotel charge to maximize its profit? Explain

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Moral Controversies In American Politics

Authors: Raymond Tatalovich, Warren Tatalovich

4th Edition

1317464427, 9781317464426

More Books

Students also viewed these Economics questions

Question

2. It is the results achieved that are important.

Answered: 1 week ago