question archive The market for hotel rooms, such as those available at the Morrison Hotel is perfectly competitive
The market for hotel rooms, such as those available at the Morrison Hotel is perfectly competitive
Subject:Computer SciencePrice: Bought3
The market for hotel rooms, such as those available at the Morrison Hotel is perfectly competitive. Rooms are currently selling for $40 per night. The cost of producing a room at the Morrison Hotel is: C(q) =450+20q+½q21) Given the current market conditions, what profits will the Morrison make?2)Assuming that the cost function is the same for all hotels, how many hotels would you expect to survive in the long run? The market demand for hotel rooms is QD=180,000/P.
