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II. Room Pricing in the Off-Season (Modeling) The data in the table, from a survey of hotels with comparable rates on Hilton Head Island, show that room occupancy during the off-season (November through February) is related to the price charged for a basic room. The goal is to use these data to help answer the fol-lowing questions. What price per day will maximize the daily offseason revenue for a typical hotel in this group if it has 200 rooms available? Suppose that for this typical hotel, the daily cost is $5510 plus $30 per occupied room. What price will maximize the profit for this hotel in the off-season? The price per day that will maximize the off-season profit for this typical hotel applies to this group of hotels. To find the room price per day that will maximize the daily revenue and the room price per day that will maximize the profit for this hotel (and thus the group of hotels) in the off-season, complete the following. Use maximization techniques to find the price that these hotels should charge to maximize the daily revenue.

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Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
Publisher: Cengage Learning
ISBN: 9781305108042

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Section
BuyFindarrow_forward

Mathematical Applications for the ...

11th Edition
Ronald J. Harshbarger + 1 other
Publisher: Cengage Learning
ISBN: 9781305108042
Chapter 10, Problem 3EAGP2
Textbook Problem
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II. Room Pricing in the Off-Season (Modeling)

The data in the table, from a survey of hotels with comparable rates on Hilton Head Island, show that room occupancy during the off-season (November through February) is related to the price charged for a basic room.

Chapter 10, Problem 3EAGP2, II. Room Pricing in the Off-Season (Modeling) The data in the table, from a survey of hotels with

The goal is to use these data to help answer the fol-lowing questions.

  1. What price per day will maximize the daily offseason revenue for a typical hotel in this group if it has 200 rooms available?

  2. Suppose that for this typical hotel, the daily cost is $5510 plus $30 per occupied room. What price will maximize the profit for this hotel in the off-season?

The price per day that will maximize the off-season profit for this typical hotel applies to this group of hotels. To find the room price per day that will maximize the daily revenue and the room price per day that will maximize the profit for this hotel (and thus the group of hotels) in the off-season, complete the following.

Use maximization techniques to find the price that these hotels should charge to maximize the daily revenue.

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