- Average Rate of Change/Slope Formula:
So using points (6,71) and (2,y), and the slope of 15, plug them into the slope formula as such:
From here we can solve for y. Firstly, solve the subtraction:
Next, multiply both sides by 4:
Next, subtact both sides by 71:
Lastly, multiply both sides by -1, and <u>your final answer will be 
, or A.</u>
Answer:
B
Step-by-step explanation:
360 divided by 24 put it in ur calculator! That will be ur answer
There is only one solution
When you graph both equations, they intersect therefore the intersection point tells you there is one solution. If it was infinitely many solutions then it would be the same line. If it was no solution then the graph would show to parallel lines.
Answer: Choice B
If you lower your rates by 6% you will increase the number of occupancies by 12%
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Explanation:
Price Elasticity of Demand is found by dividing the percent change of demand over the percent change in price
If the price drops 6% leads to a 12% increase in demand, then we get this elasticity
The absolute value of that result is 2. We work backwards going from 2 to see the relationship between the 12% and 6%.
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Side notes:
- Choice A is incorrect as a price elasticity of demand larger than 2 means we have elastic (rather than inelastic) demand.
- Choice C is incorrect because while raising rates does bring in more money in certain situations, there's a limit to how much the price goes up before people stop showing up. The prices can't go up forever. Also, the fact we have an elastic product means people are either forgoing this hotel or finding a substitute.
- Choice D is incorrect. Products with high demand elasticity usually have substitutes. Any slight change in the price leads people to seek cheaper options. Unless we're dealing with a small town there are usually multiple hotels to choose from.
