Use the table below to answer the following question(s) .
Below is a spreadsheet for a hotel overbooking model.
Answer the following question(s) using multiple parameterized simulations.The range of the historical data is 400-430.
-What is the number of reservations that will generate a net revenue of $59,000?
Definitions:
Supply Curve
A graph showing the relationship between the price of a good and the amount of it that suppliers are willing to produce and sell, under the assumption of other conditions being constant.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity of that good demanded by consumers.
Utility Function
A mathematical model in economics that ranks alternatives based on their utility or satisfaction levels to a consumer.
Price of X
The monetary value or cost assigned to a good or service, labeled as "X" as a placeholder for any specific item.
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