The Marriott Corporation operates many hotels throughout the world. Suppose one of its Chicago hotels is facing difficult times because of the opening of several new competing hotels. nights.

To accommodate its flight personnel, American Airlines has offered Marriott a contract for the coming year that provides a rate of $$70$ per night per room for a minimum of $50$ rooms for $365$

This contract would assure Marriott of selling $50$ rooms of space nightly, even if some of the rooms are vacant on some nights. Assume zero variable costs.

The Marriott manager has mixed feelings about the contract. On several peak nights during the year, the hotel could sell the same space for $$150$ per room.

Read the requirements.

Requirement $1.$ Suppose the Marriott manager signs the contract. What is the opportunity cost of the $50$ rooms on October $20,$ the night of a big convention of retailers when every nearby hotel room is occupied? What is the opportunity cost on December $28,$ when only $10$ of these rooms would be expected to be rented at an average rate of $$100?$

Let's begin by calculating the opportunity cost of the $50$ rooms on October $20.$ Select the formula, then enter the amounts and calculate the opportunity cost for the night of October $20$ th$.$

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