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Sox Shogun Hotel sold 2,000 rooms during the past month at an ADR of $70.00....

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Question

Accounting

Sox Shogun Hotel sold 2,000 rooms during the past month at an ADR of $70.00. During this month, the ADR is increased by $7.00 and the total number of rooms sold is 1,900. What is the price elasticity of demand? What is the effect of the decrease in the #of rooms to the total room revenue for the Sox Shogun Hotel during this month?

Group of answer choices

$5,600 decrease

$6,300 increase

$6,300 decrease

$5,600 increase

Answer & Explanation Solved by verified expert
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