A hotel has 270 units. All rooms are occupied when the hotel changes $90 per day for a room. For every increase of x dollars in
the daily room rate, there are x rooms vacant. Each occupied room costs $28 per day to service and maintain. What should the hotel charge per day in order to maximize daily profit?
The estimated selling price of the house is around 270.4264 thousand dollars.
Step-by-step reasoning:
The problem provides the following information:A linear equation relates the natural logarithm of the price (in thousands of dollars) to the size (in hundreds of square feet).
Let p denote the price and s represent the size.
We are tasked with estimating the selling price of a 3,200 square foot house.
Thus, s equals 32.
Consequently, the selling price of the house is approximately 270.4264 thousand dollars.