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
Cell Wall
Daniel Burnham’s Flatiron Building (1902) was one of the first to use steel girders to hold up the b
Sol LeWitt, Wall Drawing #146A
Carbapenems and Miscellaneous Cell Wall Inhibitors
The Eye and the Eye Wall—a Closer Look
Hotels