The Edgewater Hotel in Seattle has 210 guest rooms. When they charge a discounted rate of $250 per night, the occupancy rate is 80%. Experience has shown that each $10 increase in rate results in 5 fewer occupied rooms.  Define the function that models the total revenue to the hotel as a function of x, the number of $10 price increases.

In this problem, p is in dollars and q is the number of units. (a) Find the elasticity of the demand function pg = 21 at p = 3. (b) How will a price increase affect total revenue? O since the demand is elastic, an increase in price will decrease the total revenue. O since the demand is inelastic, an increase in price will decrease the total revenue. O since the demand is elastic, an increase in price will increase the total revenue. O since the demand is inelastic, an increase in price will increase the total revenue. O since the demand is unitary, there will be no change in the revenue with a price increase.

Consider the demand function for good1, Q1 = 2037 - 9P1 + 0.6000000000000001P2 - 0.75P3 + 0.07Y Where, price of good1 (P1) is 59, price of good2 (P2) is 255, price of good3 (P3) is 195, and income (Y) is 24425; (a) Find the price elasticity of demand (PED). (Give your answer to two decimal places) (b) Find the income elasticity of demand (YED). (Give your answer to two decimal places) c) Find the cross price elasticity of demand (XED) between good1 and good3. (Give your answer to east two decimal places) d) Estimate the percentage change in the demand for good1 resulting from a 4% decrease in the price of good2. (Give your answer to two decimal places, if required)

A microchip company is looking at new product lines and is reviewing the findings of its marketing team. The second product, a semiconductor microchip, has the elasticity of demand function: E(p)=√p^2-6p+5. If they set the price at $5.35 will the demand be elastic or inelastic? To increase the revenue should they raise the price or lower it?