Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
14th Edition
ISBN: 9781305506381
Author: James R. McGuigan, R. Charles Moyer, Frederick H.deB. Harris
Publisher: Cengage Learning
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Textbook Question
Chapter 11, Problem 2E
Ajax Cleaning Products is a medium-sized firm operating in an industry dominated by one large firm—Tile King. Ajax produces a multiheaded tunnel wall scrubber that is similar to a model produced by Tile King. Ajax decides to charge the same
- Compute the marginal cost curve for Ajax.
- Given Ajax’s pricing strategy, what is the marginal venue function for Ajax?
- Compute the profit-maximizing level of output for Ajax.
- Compute Ajax’s total dollar profits.
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Round Tree Manor is a hotel that provides two types of rooms with three rental classes: Super Saver, Deluxe, and Business. The profit per night for each type of room and rental class is as follows.
Rental Class
Super Saver
Deluxe
Business
Room
Type I
Type II
$30
$35
$20
$30
$40
Round Tree's management makes a forecast of the demand by rental class for each night in the future. A linear programming model developed to maximize profit is used to determine how many reservations to accept for each rental class. The demand forecast for a
particular night is 140 rentals in the Super Saver class, 50 rentals in the Deluxe class, and 40 rentals in the Business class. Round Tree has 100 Type I rooms and 120 Type II rooms.
(a) Formulate and solve a linear program to determine how many reservations to accept in each rental class and how the reservations should be allocated to room types. (Assume S₁ is the number of Super Saver rentals allocated to room type I, S₂ is the number of
Super Saver…
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Chapter 11 Solutions
Managerial Economics: Applications, Strategies and Tactics (MindTap Course List)
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