X mathu.com/Student/PlayerHomework.aspx?homeworkld=571285047&questionid=4&flushed=true&cd=6115647 Recenterwin=yes ECON 319 88 (Fall 2020) V Talking 11/04/20 11:56 AM Homework: Homework of Chapter 14 Save Score: 0 of 1 pt 6 of 7 (7 complete) HW Score: 71.43%, 5 of 7 pts X 14.3.27 Question Help The Marquis Hotel is considering a major remodeling effort and needs to determine the best rates and room sizes to maximize revenues. Although the rooms may be renovated, there are no plans to change the current 450-room capacity. The accompanying model and spreadsheet maximizes revenues for the three types of rooms currently available, standard, gold, and platinum Suppose that the hotel is considering adding suites to its room mix Based on an analysis of local competitors, suites can sell for a rate of S180, and they expect to sell 20 per day to business travelers. The price elasticity of demand is estimated to be - 2.5. The hotel would want to keep the price of suites between $150 and $200. Modify the model to include suites and find prices that will maxmize total revenue Click the icon to view the model and spreadsheet A Total Revenue Model Complete the table of prices that maximize total revenue. Room type New Price Standard sl Gola S S Platinum sl Suite s (Round to the nearest cent as needed.) Let S=price of a standard room, G=price of a gold room, and P = price of a platinuri room. Maximize the revenue, subject to constraints on the price range, and subject to the total room capacity of 450 Maximize Revenue - 625S + 300G + 100P-552 -2.6666762 -0.35971p2 705 S 590 90 S G s 110 1205 P 149 1025-5S-266667G-0.35971P S 450 F 2 B D Current Rale Average Daily Sold Elasticity $75.00 250 -1.5 $98.00 100 -2 $139 00 50 E Total Room Capacity 450 - 1 1 Room type 2. Standard Gold Platinum 5 6 7 Room ly 8 Standard 9 Gold 10 Platinum 11 12 New Price 0 D Price Range Projected Rooms Sold Projected Revenue $70.00 $90.00 = C2+12. (8-12) (C2/2) B8 E8 $90.00 $110.00 = C3+03. (B9-B3) (C3/B3) = HIES $120.00 $14900 C4D4B10-B4)*(C1/B4) = B10E10 Enter your answer in the edit fields and then click Check Ansy Totals SUMIE8 E10) SUMF8:F10) All parts showing Check Answer X mathu.com/Student/PlayerHomework.aspx?homeworkld=571285047&questionid=4&flushed=true&cd=6115647 Recenterwin=yes ECON 319 88 (Fall 2020) V Talking 11/04/20 11:56 AM Homework: Homework of Chapter 14 Save Score: 0 of 1 pt 6 of 7 (7 complete) HW Score: 71.43%, 5 of 7 pts X 14.3.27 Question Help The Marquis Hotel is considering a major remodeling effort and needs to determine the best rates and room sizes to maximize revenues. Although the rooms may be renovated, there are no plans to change the current 450-room capacity. The accompanying model and spreadsheet maximizes revenues for the three types of rooms currently available, standard, gold, and platinum Suppose that the hotel is considering adding suites to its room mix Based on an analysis of local competitors, suites can sell for a rate of S180, and they expect to sell 20 per day to business travelers. The price elasticity of demand is estimated to be - 2.5. The hotel would want to keep the price of suites between $150 and $200. Modify the model to include suites and find prices that will maxmize total revenue Click the icon to view the model and spreadsheet A Total Revenue Model Complete the table of prices that maximize total revenue. Room type New Price Standard sl Gola S S Platinum sl Suite s (Round to the nearest cent as needed.) Let S=price of a standard room, G=price of a gold room, and P = price of a platinuri room. Maximize the revenue, subject to constraints on the price range, and subject to the total room capacity of 450 Maximize Revenue - 625S + 300G + 100P-552 -2.6666762 -0.35971p2 705 S 590 90 S G s 110 1205 P 149 1025-5S-266667G-0.35971P S 450 F 2 B D Current Rale Average Daily Sold Elasticity $75.00 250 -1.5 $98.00 100 -2 $139 00 50 E Total Room Capacity 450 - 1 1 Room type 2. Standard Gold Platinum 5 6 7 Room ly 8 Standard 9 Gold 10 Platinum 11 12 New Price 0 D Price Range Projected Rooms Sold Projected Revenue $70.00 $90.00 = C2+12. (8-12) (C2/2) B8 E8 $90.00 $110.00 = C3+03. (B9-B3) (C3/B3) = HIES $120.00 $14900 C4D4B10-B4)*(C1/B4) = B10E10 Enter your answer in the edit fields and then click Check Ansy Totals SUMIE8 E10) SUMF8:F10) All parts showing Check
