What could you predict about the income elasticity of the demand for CBD 5-star hotel rooms before Covid? Based on what Mr Cloutman described, consumers are starting to associate these luxury hotels as quarantine hotels. How would this change the income elasticity of the demand for them?
What could you predict about the income elasticity of the demand for CBD 5-star hotel rooms before Covid? Based on what Mr Cloutman described, consumers are starting to associate these luxury hotels as quarantine hotels. How would this change the income elasticity of the demand for them?
Chapter6: Elasticities
Section: Chapter Questions
Problem 5P
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https://www.abc.net.au/news/2021-02-01/quarantine-contracts-hotel-industry-slow-recovery-covid19/13098452
What could you predict about the income elasticity of the
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