8) Find the equilibrium price (P) and quantity de manded aud supplied for the following madel of supply and demand (Hint: equilibrium is when the quantity demanded, D, is equal to the quantity supplied, 5.) D= 49-P , and S= 10 +3P こ

PRICE (Dollars per room) 500 450 400 350 300 250 200 150 100 50 0 Demand D 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Graph Input Tool Market for Oceans'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 Meadows (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 Oceans is charging $350 per room per night. If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the Oceans from rooms per night to rooms per night. Therefore, the income elasticity of demand is. , meaning that hotel rooms at the Oceans are If the price of an airline ticket from MSY to ACY were to increase by 10%, from $200 to $220 roundtrip, while all other demand factors remain at their initial values,…

Calculate and complete columns (3), (4), (5), (6) and (7) as instructed by quiz question # 8. (1) (2) (3) (4) (5) (6) (7) Quantity of Total Labor Product 10 50 11 54 12 60 13 64 14 66 15 67 Use this area for calculations if needed and to answer Q10

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