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Homework Ch 05 PRICE Dollars per room 500 450 400 350 300 250 200 150...

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Homework Ch 05 PRICE Dollars per room 500 450 400 350 300 250 200 150 100 50 0 0 Demand 50 100 150 200 250 300 350 400 450 500 QUANTITY Hotel rooms Market for Rivers s Hotel Rooms Price Dollars per room Quantity Demanded Hotel rooms per night Demand Factors Average Income Thousands of dollars Airfare from MSY to ACY Dollars per roundtrip Room Rate at Continental Dollars per night 350 150 50 200 250 For each of the following scenarios begin by assuming that all demand factors are set to their original values and per night If average household income increases by 20 from 50 000 to 60 000 per year the quantity of rooms demande rooms per night to rooms per night Therefore the income elasticity of demand is meanin 1 If the price of an airline ticket from MSY to ACY were to increase by 10 from 200 to 220 roundtrip while all oth

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