Sub : EconomicsPls answer very faast.I ll upvote. Thank You The following graph input tool shows the daily demand for hotel rooms at the Big Winner Hotel and Casino in Las Vegas, Nevada. To help the hotelmanagement better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demandfactors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool.Demand FactorAverage American household incomeRoundtrip airfare from Los Angeles (LAX) to Las Vegas (LAS)Room rate at the Lucky Hotel and Casino, which is near the Big WinnerUse the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph.Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly.PRICE (Dollars per room)500450400350300250200150100500Demand0 50 100 150 200 250 300 350 400 450 500QUANTITY (Hotel rooms)Graph Input ToolMarket for Big Winner's Hotel RoomsPrice(Dollars per room)QuantityDemanded(Hotel rooms pernight)Demand FactorsInitial Value$40,000 per year$100 per roundtrip$200 per nightAverage Income(Thousands ofdollars)Airfare from LAX toLAS(Dollars perroundtrip)Room Rate at Lucky(Dollars per night)30020040100200(?) For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Big Winner is charging $300 perroom per night.If average household income increases by 50%, from $40,000 to $60,000 per year, the quantity of rooms demanded at the Big Winnerrooms per night. Therefore, the income elasticity of demand isfromrooms per night to, meaning thathotel rooms at the Big Winner areIf the price of a room at the Lucky were to decrease by 20%, from $200 to $160, while all other demand factors remain at their initial values, thequantity of rooms demanded at the Big Winnerfromrooms per night. Because the cross-price elasticityrooms per night toof demand is, hotel rooms at the Big Winner and hotel rooms at the Lucky areBig Winner is debating decreasing the price of its rooms to $275 per night. Under the initial demand conditions, you can see that this would cause itstotal revenue to▼ . Decreasing the price will always have this effect on revenue when Big Winner is operating on theportion of its demand curve.

If the item is a normal good, income has a positive relationship with the quantity desired. This…

For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Big Winner is charging $300 per room per night. If average household income increases by 50%, from $40,000 to $60,000 per year, the quantity of rooms demanded at the Big Winner from rooms per night to rooms per night. Therefore, the income elasticity of demand is , meaning that hotel rooms at the Big Winner are If the price of a room at the Lucky were to decrease by 20%, from $200 to $160, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Big Winner from rooms per night. Because the cross-price elasticit rooms per night to of demand is , hotel rooms at the Big Winner and hotel rooms at the Lucky are Big Winner is debating decreasing the price of its rooms to $275 per night. Under the initial demand conditions, you can see that this would cause its total revenue to . Decreasing the price will always have this effect on revenue when Big Winner is operating on the portion of its demand curve.

For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Big Winner is charging $300 per room per night. If average household income increases by 50%, from $40,000 to $60,000 per year, the quantity of rooms demanded at the Big Winner from rooms per night to rooms per night. Therefore, the income elasticity of demand is , meaning that hotel rooms at the Big Winner are If the price of a room at the Lucky were to decrease by 20%, from $200 to $160, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Big Winner from rooms per night. Because the cross-price elasticit rooms per night to of demand is , hotel rooms at the Big Winner and hotel rooms at the Lucky are Big Winner is debating decreasing the price of its rooms to $275 per night. Under the initial demand conditions, you can see that this would cause its total revenue to . Decreasing the price will always have this effect on revenue when Big Winner is operating on the portion of its demand curve.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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