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Suppose that the Charleston Place is a 300 unit luxury hotel in Charleston, SC. All rooms of the hotel are occupied when the hotel charges
Suppose that the Charleston Place is a 300 unit luxury hotel in Charleston, SC. All rooms of the hotel are occupied when the hotel charges $80 per day for a room. For every increase of x dollars in the daily rate, there are x vacant rooms. Each occupied room costs $22 per day to maintain. What should the hotel charge per day in order to maximize their profit?
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