Question

Why may a hotel charge such a very high prices for wine soft drinks or even bottled water and yet quite reasonable prices for food and still get away with such high prices?

Answer 1

1. wines have lots of taxes imposed

2. they treat bottled water as luxurious goods hence charge high on them

Answer 2

Reasons for wine and soft drinks hotel charge high

Explanation:

• The prices of wine,soft drinks or bottled water are high  and yet quite reasonable prices for food and still get away with such high prices because these items have an inelastic demand. People can't refuse to drink water because it's price is high. Water is needed for survival.
• Demand is inelastic if a change in price has little or no effect on quantity demanded.
• Prices for food is reasonable because demand is elastic. If prices are too high, the Quanitity demanded would fall.

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Why may a hotel charge such a very high prices for wine soft drinks or even bottled water and yet quite reasonable prices for food and still get away with such high prices?

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