The answer would be 82 millimeters!
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.
Answer:
Which one do you need the answer for
Step-by-step explanation:
Answer:
The 0 and 1 outcomes would be considered unusual.
Step-by-step explanation:
We can define as usual outcomes, the ones that fall between
.
According to a binomial distribution, s value is

The expected value out of a 8 people sample is

Then, our interval of usual values lies between

We can conclude that 0 and 1 (the results that lie outside of the interval) are unusual.