Hotel Nemo is the only under-sea hotel in the nation.The table sets out the demand schedule for hotel rooms and the cost schedule forrunning the hotel.What is Hotel Nemo's profit-maximizing price, output and economic profit if it charges asingle price for all rooms?CHotel Nemo's profit-maximizing output isHotel Nemo's profit-maximizing price is $>>> Answer to 2 decimal places.rooms a night.a room.Price(dollars perroom)3027242118151296Quantity(roomsper night)0100200300400500600700800Total cost(dollars pernight)1,0001,9002,8003,7004.6005,5006,4007,3008,200

Demand:Demand is the desire of an individual ability and willingness to pay for a product. The…

Hotel Nemo is the only under-sea hotel in the nation. The table sets out the demand schedule for hotel rooms and the cost schedule for running the hotel. What is Hotel Nemo's profit-maximizing price, output and economic profit if it charges a single price for all rooms? Hotel Nemo's profit-maximizing output is Hotel Nemo's profit-maximizing price is $ >>> Answer to 2 decimal places. rooms a night. a room. Price (dollars per room) 30 S7NNE NOE 27 24 21 18 15 12 9 6 Quantity (rooms per night) 0 100 200 300 400 500 600 700 800 Total cost (dollars per night) 1,000 1,900 2,800 3.700 4,600 5.500 6.400 7,300 8,200

Hotel Nemo is the only under-sea hotel in the nation. The table sets out the demand schedule for hotel rooms and the cost schedule for running the hotel. What is Hotel Nemo's profit-maximizing price, output and economic profit if it charges a single price for all rooms? Hotel Nemo's profit-maximizing output is Hotel Nemo's profit-maximizing price is $ >>> Answer to 2 decimal places. rooms a night. a room. Price (dollars per room) 30 S7NNE NOE 27 24 21 18 15 12 9 6 Quantity (rooms per night) 0 100 200 300 400 500 600 700 800 Total cost (dollars per night) 1,000 1,900 2,800 3.700 4,600 5.500 6.400 7,300 8,200

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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2.7 Your marketing research department has estimated the demand for your firm's product to be Q=10,000 100P and the marginal revenue to be MR 100 .02Q = If marginal cost and average total cost are constant at $40, 1. How much would you produce? The quantity you should produce is 3,000 units 2. What price would you charge? I would charge $70 3. How much economic profit would your firm earn? $90,000 4. Illustrate your answers to parts a through c in a diagram.
Hotel Nemo is the only under-sea hotel in the nation. The table sets out the demand schedule for hotel rooms and the cost schedule for running the hotel. Calculate Hotel Nemo's profit-maximizing price, output and economic profit if it charges a single price for all rooms. Hotel Nemo's profit-maximizing output is Hotel Nemo's profit-maximizing price is >>> Answer to 2 decimal places. rooms a night. a room. When Hotel Nemo produces the profit-maximizing output and charges the profit-maximizing price, economic profit is s >>> If the firm incurs an economic loss, indicate the loss with a minus sign. If the firm eams an economic profit, do not include a plus sign. Price (dollars per room) 272722NO 30 24 21 18 » 15 12 9 6 Quantity (rooms per night) 0 100 200 300 400 500 600 700 800 Total cost (dollars per night) 1,000 1,900 2,800 3,700 4,600 5,500 6,400 7,300 8,200
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Q7 Assume that Bandai Namco, the world's largest toy manufacturer, a monopolist, calculates that at its current toys output level, marginal revenue (MR) is $3.25 and marginal cost (MC) is $2.50. Bandai Namco could maximize profits or minimize losses by Multiple Choice decreasing price and leaving output unchanged. decreasing price and increasing output. increasing price and decreasing output. doing nothing. decreasing output and leaving price unchanged.
Tommy runs a take-out pizza outlet called Healthy Pizza, which is located in a strip mall where there is a lot of parking available. Tommy sells only one type of pizza - a Loaded Vegetarian Pizza. The monthly fixed costs related to making and selling this pizza are: advertising $500, space and machine rental $1500; monthly salary and other costs are also fixed at $2000. The variable costs involved in making and selling each pizza is $4 per pizza, regardless of the monthly quantity produced or sold. Tommy directly competes with a children's pizza place, a meat lover's pizza parlour, as well as other takeout restaurants all located within a three-block radius. Based on past experience, Tommy estimates the monthly demand for his Loaded Vegetarian Pizza as follows, depending on the pizza price. Tommy's Pizza: Costs and Revenues MR Price per Pizza ($) Quantity Sold TR (ATR/AQ) MC 18 3200 57600 17 3600 61200 16 4000 64000 15 4400 66000 14 4800 67200 What is the profit maximizing quantity of…