Please answer the yellow highlighted blanks. And theChoices for labelled parts:1. Falls, rises2. Negative, positive3. An inferior good, a normal good4. Falls, rises5. Negative, positive6. Complements, substitutes7. Decrease, increase8. Elastic, inelastic*** the quantity demanded( hotel rooms per night) for 50000 income is 400 hotel rooms per night The following graph input tool shows the daily demand for hotel rooms at the Peacock 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. (Note:All values are hypothetical.)Demand FactorInitial ValueAverage Canadian household income$40,000 per yearRound trip airfare from Ottawa (YOW) to Las Vegas (LAS)$250 per round tripRoom rate at the Grandiose Hotel and Casino, which is near the Peacock$250 per nightUse the graph input tool to help you answer the following questions. You will not be scored 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 Tool500Market for Peacock's Hotel Rooms450I Price(Dollars per room)400200QuantityDemanded(Hotel rooms pernight)350300300250200Demand FactorsO 150CE (Dollars per room) 400QuantityDemanded(Hotel rooms pernight)300350300250Demand Factors200Average Income(Thousands ofdollars)150Demand40100Airfare from YOW toLAS(Dollars per roundtrip)5025050 100 150 200 250 300 350 400 450 500Room Rate atGrandiose(Dollars per night)QUANTITY (Hotel rooms)250For each of the following scenarios, begin by assuming that all demand factors are set to their original values and that Peacock is charging $200 perroom per night.fromIf average household income increases by 25%, from $40,000 to $50,000 per year, the quantity of rooms demanded at the Peacock2rooms per night torooms per night. Therefore, the income elasticity of demand is▼, meaning that hotel rooms at thePeacock areIf the price of a room at the Grandiose were to decrease by 20%, from $250 to $200, while all other demand factors remain at their initial values, thequantity of rooms demanded at the Peacockはfromrooms per night. Because the cross-price elasticity ofrooms per night to6demand ishotel rooms at the Peacock and hotel rooms at the Grandiose arePeacock is debating decreasing the price of its rooms to $175 per night. Under the initial demand conditions, you can see that this would cause itstotal revenue toDecreasing the price will always have this effect on revenue when Peacock is operating on thev portion of its demand curve.PRICE (Dollars per room)

Since we only answer upto 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Answered: Please answer the yellow highlighted…

Please answer the yellow highlighted blanks. And the Choices for labelled parts: 1. Falls, rises 2. Negative, positive 3. An inferior good, a normal good

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

ChapterA: Working With Diagrams

Section: Chapter Questions

Problem 3QP

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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 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 $40,000 per year Roundtrip airfare from New York (JFK) to Las Vegas (LAS) $250 per roundtrip Room rate at the Lucky Hotel and Casino, which is near the Big Winner $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.
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is Tips s Tips JT The following graph input tool shows the daily demand for hotel rooms at the Lakes Hotel and Casino in Atlantic City, New Jersey. 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 Average American household income Roundtrip airfare from Des Moines (DSM) to Atlantic City (ACY) Room rate at the Mountaineer Hotel and Casino, which is near the Lakes 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. PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 0 Demand 50 100 150 200 250 300 350…
All questions utilize the multivariate demand function for Smooth Sailing sailboats in C6 on text page 83, initially with: PX = $9500 PY = $10000 I = $15000 A = $170000 W = 160 This function is: Qs = 89830 -40PS +20PX +15PY +2I +.001A +10W Where Qs=quantity purchased Ps= the price of Smooth Sailing sailboats Px= the price of company X’s sailboat Py= the price of company’s Y’s motorboat I= per capita income in dollars A= dollars spent on advertising W=number of favorable days of weather in the southern region of the United States Use the above to calculate the arc price elasticity of demand between PS = $5000 and PS = $4000. The arc elasticity formula is: Calculate the quantity demanded at each of the above prices and revenue that will result if the quantity is sold (fill in table below). PS QS Revenue…