Graph Input Tool Market for Big winner's Hotel Rooms 500 480 Price (Delars per room) 350 400 guantity demanded (Hotel reems per mght 150 300 200 250 Demand Factors 200 180 Average Income (Thousends of dolars) ber and 50 100 Airfare from JFK to LAS (Delers per 250 reundtrp) *0 100 1sa 20a 200 200 0 40 40 s00 QUANTITY (Hatel rooms) Room Rate at Lucky (Dellars per mght 200 or each of the following scenarios, begin by assuming that all demand factors are set to their ariginal values and Big winner is charging $350 per oom per night. average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the Big Winner rises from rooms per night to rooms per night. Therefore, the income elasticity of demand is meaning that otel rooms at the Big Winner are PRICE IDolars per roomi

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