Question: hello, the questions I need help with are found below, also if the questions I have previously answered are incorrect could you assist me with
hello, the questions I need help with are found below, also if the questions I have previously answered are incorrect could you assist me with those too. Thank you for your time



Clemson hotel prices illustrate demand by football fans. (Daily Herald, October 2016) If you are planning a trip to Clemson (population 17,000), South Carolina (home of Clemson University, enrollment 20,000) in the fall, try to pick a weekend where the Football Tigers are on the road. If you cannot adjust your schedule, be prepared to pay exorbitantly high hotel bills. Clemson hotels charge an average of $80 a night for non- football weekends. The same hotels charge an average of $200 per night on weekends when the Tigers play on Saturdays as hordes of fans stream into this small town to fill the 80,000 seats in the football stadium known as "Death Valley." George Byatt, owner/operator of the Clemson Inn states "It does seem like we are taking advantage of the visitors but hey, all the hotels do it and we take in as much revenue in two football weekends as we do in some of the other months. Furthermore these fans are more than willing to pay these prices and most of our rooms are booked well in advance for football weekends." Mr. Byatt does admit that the high cost of a room does deter non-football fans from checking in but there are no reduced rates for football dates. The occupancy rate for Clemson hotels on home game weekends is about around 99 percent. Some hotels average only 98 percent occupancy rates for football weekends but do not cut prices to fill the few empty rooms. "Sure we lose a few customers because of these prices. I mean we could cut the price to our normal rate and average 100 percent occupancy, but the empty rooms are not cause for concern when you have 198 of the 200 full at premium prices" says Byatt. "Given the demand for rooms on football weekends, it is definitely in the hotel's best interest to keep prices high even if the hotel is not completely full" states the hotel owner. 1. Is short run supply curve of Clemson hotel rooms perfectly inelastic? Explain why/why not. Yes the hotel rooms are perfectly inelastic because when there are Clemson home games the owners raise the price from 80 dollars a night to 200 dollars a night and still maintain a 98-99% occupancy. Demand does not go down due to the change in price. 2. Does the demand for hotel rooms on football weekends appear to be perfectly inelastic? Explain. 3. Use the price and quantity figures provided in the article to calculate the nightly revenue at regular and "premium" prices on football weekends and determine whether Mr. Byatt's final statement regarding revenue is true. 200x198: 39,600 80x200= 16,000 Mr. Byatt's statement is true 4. Do your calculations from the previous question prove that the demand for Clemson hotel rooms on football weekends elastic or inelastic? Explain with direct reference to the percentage changes in P and Q. Draw a demand diagram to illustrate the accuracy of Mr. Byatt's final statement. Remember the demand curve reflects demand on a football weekend. Clearly identify on your diagram: 1. The lost revenue from increasing the price from $80 to $200, 2. The increased revenue from increasing the price from $80 to $200. If you make a mistake, click the 'x' in the toolbar to start over
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