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Back to Anime Attempts: Average: 73 9. Application: Elasticity and hotel rooms The following graph input...

 9. Application: Elasticity and hotel rooms

 The following graph input tool shows the daily demand for hotel rooms at the Triple Sevens Hotel and Casino in Las Vegas, Nevada. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool.

 Demand Factor Initial Value
 Average American household income $50,000 per year
Roundtrip airfare from San Francisco (SFO) to Las Vegas (LAS)$100 per roundtrip
Room rate at the Exhilaration Hotel and Casino, which is near the Triple Sevens$250 per night 

 

 Use 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.


Graph Input Tool Market for Triple Sevenss Hotel Rooms 200 Price (Dollars per room) Quantity Demanded (Hotel rooms per night

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