Important trends that have changed since the original RM algorithms were developed?What is the basis

Important trends that have changed since the original RM algorithms were developed?What is the basis for the theory of price optimization?Describe the elements of an optimization problem.What is the goal for price optimization in hotels?What role do competitive price effects play in the price optimization decision?Why in today’s social world will price optimization general more revenue than traditional / original revenue management techniques?McGuire, Kelly A. (2016). Hotel pricing in a social world: Driving value in the digital economy. Hoboken, NJ: John Wiley & Sons, IncRead chapter 2: Demystifying Price Optimization