Jason Barrett is the managing partner of a business that has just finished building a 60-room motel. Barrett anticipates that he will rent these rooms for 20,000 nights next year (or 20,000 room-nights). All rooms are similar and will rent for the same price. Barrett estimates the following operating costs for next year: (Click the icon to view the operating costs) (Click the icon to view additional information.) Read the requirements Requirement 1. What price should Barrett charge for a room-night? What is the markup as a percentage of the full cost of a room-night? Begin by selecting the formula, then enter the amounts and solve for the room price per night p me solve this Etext pages Get more help - Price per room-night per room-night Clear all Check answer 8:39 PM a business that has just me price. Barrett estimates the following operating costs for next year: costs.) (Click the icon to view additional information.) Data table rett charge Variable operating costs $4 per room-night ter the am Fixed costs Salaries and wages $ 180,000 Maintenance of building and pool 44,000 136,000 Other operating and administration costs $ 360,000 Get r Total fixed costs Print Done - - X me price. Barrett estimates the following operating costs for next year: costs. (Click the icon to view additional information.) More info rett ch ter the The capital invested in the motel is $1,100,000. The partnership's target return on investment is 20%. Barrett expects demand for rooms to be uniform throughout the year. He plans to price the rooms at full cost plus a markup on full cost to earn the target return on investment. Print Done - X price. Barrett estimates the following operating costs for next year: sts.) (Click the icon to view additional information.) Requirements t ch r the 1. What price should Barrett charge for a room-night? What is the markup as a percentage of the full cost of a room-night? 2. Barrett's market research indicates that if the price of a room-night determined in requirement 1 is reduced by 15%, the expected number of room-nights Barrett could rent would increase by 20%. Should Barrett reduce prices by 15%? Show your calculations. Print Done - X