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Author Question: According to an article in the Wall Street Journal, unlike airlines, even elite hotels don't have ... (Read 111 times)

rlane42

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According to an article in the Wall Street Journal, unlike airlines, even elite hotels don't have sophisticated systems that can react quickly to changes in demand. Even if they could, many hoteliers say people don't respond that much to lower rates.
 
  We've tested this, cutting our rates by 50 per night, and we didn't see an appreciable response in occupancy, says Jim Schultenover, a vice president for Ritz-Carlton.
  Source: Jesse Drucker, In Times of Belt-Tightening, We Seek Reasonable Rates, Wall Street Journal, April 6, 2001.
 
  Based on the information above, the demand for hotel rooms is
  A) perfectly elastic. B) inelastic. C) unit elastic. D) elastic.

Question 2

The total amount of consumer surplus in a market is equal to the area below the market demand curve and above the market price.
 
  Indicate whether the statement is true or false


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C.mcnichol98

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rlane42

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Reply 2 on: Jun 29, 2018
Wow, this really help


jackie

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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