Use the Case Below to Answer the Following Question(s)

question 82

Multiple Choice

Use the case below to answer the following question(s) .
The Tipton Hotel is considering a major remodeling effort and needs to determine the best combination of rates and suite sizes to maximize revenues.Currently,the hotel has 755 suites with the following history: Each market segment has its own price/demand elasticity.Estimates are: This means,for example,that a 1% decrease in the price of a standard suite will increase the number of suites sold by 1.5%.Similarly,a 1% increase in the price will decrease the number of suites sold by 1.5%.For any pricing structure (in $) ,the projected number of suites of a given type sold (we will allow continuous values for this problem) can be found using the formula:
(Historical average number of suites sold) + (Elasticity) (New price - Current price) (Historical average number of suites sold) /(Current price)
The hotel owners want to keep the price of a standard suite between $70 and $90; a gold suite between $90 and $110; and a platinum suite between $120 and $149.
Define S = price of a standard suite,G = price of a gold suite,and P = price of a platinum suite.
-The constraint that models the stated price range of a gold suite is ________.

• A)45 ≤ G ≤ 55
• B)45G² - 55G ≥ 0
• C)90G² - 110G ≤ 0
• D)90 ≤ G ≤ 110

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Definitions:

Formal Governance Structures

The officially recognized systems, rules, and practices that direct and control an organization, ensuring accountability, fairness, and transparency.

Significant Ambiguity

Significant ambiguity denotes a situation or information that is open to multiple interpretations or lacks clarity, often leading to uncertainty or misunderstanding.

Mom-And-Pop Operations

Small, family-owned or independent businesses, often characterized by personal customer service and local operation.

Dimensions

Dimensions represent measurable extents of an object or system, such as length, width, height, or depth, in physical spaces, or could refer to aspects or elements in other contexts.