Why would a hotel stay open during a slow month when it seems like the revenue from so few customers could not possibly cover all the costs of operating a large hotel? Use microeconomic terms to explain

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A: Elasticity of demand depicts how much consumer responds with the change in the price level.

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A: Customer retention signifies the process by which business firms are able to retain its clients for…

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A: Answer to the question is as follows:

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A: Explicit costs are the actual out of the pocket expenditures of the firm to purchase or hire the…

Q: What would be the solution for this one?

A: Price elasticity of demand measures how responsive the quantity demanded is towards the changes in…

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A: Perfectly Elastic demand = change in quantity demanded due to change in price is large. It is a…

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A: In economics, costs are the money and non-money spent on goods and services. These expenses include…

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A:

Q: How do you think the supply chain expanded into an online business can improve the performance of…

A: A digital supply chain can assist an organization with reinforcing its plan of action (for instance,…

Q: Given this sketch of the demand function P=-5Q+40 (where P€ depends on Q units, P=f(Q)). %3D Compute…

A: Answer: Given, Demand function; P=-5Q+40Where, P is the price and Q is the equantity demanded…

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A: In a dynamic, free market, the mortgage lenders compete to acquire customers, which either increases…

Q: AD AS AD1 P1 Real GDP tefer to the graph. Assume that the economy Is in a recession with a price…

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Q: QUESTION 17 Assume that the demand for a service depends on price and income, where the price…

A: Price Elasticity of demand : (-)0.6 The absolute value of price elasticity is less than, it means…

Q: When the price of a product is increased 20 percent, the quantity demanded decreases 16 percent. The…

A: Elasticity = % Change in demand / % Change in price.

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A: The law of diminishing marginal returns states that the total output will increase with the increase…

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A: There is mainly five types of market: Monopolistic market: In such a market, there is a large…

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A: By the term behavioral economics, economists mean that; generally individuals take the decision that…

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A: Time set aside for leisure is the time individuals set aside for themselves in a day to pursue…

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A:

Q: Harvey quit his job at State University, where he earned $45,000 a year. He figures his…

A: Given; Harvey's salary from job= $45000 His entrepreneurial income= $5000 Bonds he cashed in, to…

Q: READ THEN ANSWER THE QUESTION : In January 2020, Starbucks raised their beverage prices by an…

A: yes they create good economic decision due to their profit maximizing policy which they are doing by…

Q: EAD THEN ANSWER THE QUESTION : In January 2020, Starbucks raised their beverage prices by an…

A: Variable cost refers to a cost that is based on the level of output. This refers to variable cost…

Q: How do constraints affect decision making?

A: A type of external constraint is economic constraints. An external constraint is a factor in the…

Q: In your own words, why isn't the cost of producing a product sufficient to predict its market price?

A: The production cost directly impact the price charged for a good or service. As production costs…

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A: Given information: Future value = 60k Interest rate = 6% per year or 6%/12 = 0.5% per month

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A: Implicit cost is the amount which is paid already but are not displayed in the books. It is…