Table 2 Price Quantity demanded (millions of rooms per night) (dollars per room per night) 200 250 400 500 800 100 80 50 40 25 2) The demand schedule for hotel rooms is in the table 2 a. What happens to total revenue when the price falls from $400 to $250 a room per night and from $250 to $200 a room per night? b. Is the demand for hotel rooms elastic, inelastic or unit elastic?

Table 2 Price Quantity demanded (millions of rooms per night) (dollars per room per night) 200 250 400 500 800 100 80 50 40 25 2) The demand schedule for hotel rooms is in the table 2 a. What happens to total revenue when the price falls from $400 to $250 a room per night and from $250 to $200 a room per night? b. Is the demand for hotel rooms elastic, inelastic or unit elastic?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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