As the Manager of a Local Hotel Chain,you Have Hired

question 9

Essay

As the manager of a local hotel chain,you have hired an econometrician to estimate the demand for one of your hotels (H).The estimation has resulted in the following demand function:
Q_H = 2,000 - P_H - 1.5P_C - 2.25P_SE + 0.8P_OH + 0.01M,where P_H is the price of a room at your hotel,P_C is the price of concerts in your area,P_SE is the price of sporting events in your area,P_OH is the average room price at other hotels in your area,and M is the average income in the United States.What would be the impact on your firm of:
a.A $500 increase in income?
b.A $10 reduction in the price charged by other hotels?
c.A $7 increase in the price of tickets to local sporting events?
d.A $5 increase in the price of concert tickets,accompanied by an $8 increase in income?

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Definitions:

Maintenance Phase

The stage in various processes, such as therapy or project management, where the focus is on sustaining achieved results and preventing regression.

Mood Stable

A state wherein an individual's emotional state is balanced and does not fluctuate excessively or unpredictably.

Manic Episode

A period of abnormally elevated, expansive, or irritable mood and increased activity or energy levels, associated with bipolar disorder.

Nursing Diagnoses

Clinical judgments about individual, family, or community experiences or responses to actual or potential health problems/life processes.