I don't believe the second paragraph where it says "positive" is correct so please correct that and the other blanks. Everything before the second "positive" is correct. Graph Input ToolMarket for Peacock's Hotel Rooms500I Price(Dollars per room)450350400QuantityDemanded(Hotel rooms pernight)150350300250Demand Factors200Average Income(Thousands ofdollars)15040Demand100Airfare from JFK toLAS(Dollars perroundtrip)5020050 100 150 200 250 300 350 400 450 500QUANTITY (Hotel rooms)Room Rate atGrandiose(Dollars per night)250For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Peacock is charging $350 per roomper night.If average household income increases by 50%, from $40,000 to $60,000 per year, the quantity of rooms demanded at the Peacock rises150 rooms per night toPeacock are a normal goodfrom200 rooms per night. Therefore, the income elasticity of demand is positive v, meaning that hotel rooms at theIf the price of a room at the Grandiose were to decrease by 10%, from $250 to $225, while all other demand factors remain at their initial values, thequantity of rooms demanded at the Peacock falls v from150 rooms per night to 100 rooms per night. Because the cross-price elasticity ofdemand is positive, hotel rooms at the Peacock and hotel rooms at the Grandiose arePeacock is debating decreasing the price of its rooms to $325 per night. Under the initial demand conditions, you can see that this would cause its. Decreasing the price will always have this effect on revenue when Peacock is operating on thetotal revenue toportionof its demand curve.PRICE (Dollars per room)

Cross price elasticity refers to percentage change in quantity demanded of good X with respect to…

If the price of a room at the Grandiose were to decrease by 10%, from $250 to $225, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Peacock falls ▼ from 150 rooms per night to 100 rooms per night. Because the cross-price elasticity of demand is positive ▼ , hotel rooms at the Peacock and hotel rooms at the Grandiose are Peacock is debating decreasing the price of its rooms to $325 per night. Under the initial demand conditions, you can see that this would cause its . Decreasing the price will always have this effect on revenue when Peacock is operating on the total revenue to portion of its demand curve.

If the price of a room at the Grandiose were to decrease by 10%, from $250 to $225, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Peacock falls ▼ from 150 rooms per night to 100 rooms per night. Because the cross-price elasticity of demand is positive ▼ , hotel rooms at the Peacock and hotel rooms at the Grandiose are Peacock is debating decreasing the price of its rooms to $325 per night. Under the initial demand conditions, you can see that this would cause its . Decreasing the price will always have this effect on revenue when Peacock is operating on the total revenue to 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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