The following graph input tool shows the daily demand for hotel rooms at the Lakes Hotel and Casino in Atlantic City, New Jersey. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. Demand Factor Average American household income Roundtrip airfare from New Orleans (MSY) to Atlantic City (ACY) Room rate at the Mountaineer Hotel and Casino, which is near the Lakes Initial Value $40,000 per year $250 per roundtrip $250 per night Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. PRICE (Dollars per room) 500 450 400 350 300 250 200 Graph Input Tool Market for Lakes's Hotel Rooms Price 100 (Dollars per room) Quantity 400 Demanded (Hotel rooms per night) Demand Factors 150 Demand Average Income 40 (Thousands of 100 dollars) 50 Airfare from MSY to 250 ACY 0 (Dollars per 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) roundtrip) Room Rate at Mountaineer (Dollars per night) 250 For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Lakes is charging $100 per room per night. from ,, meaning that hotel rooms at the Lakes are If average household income increases by 25%, from $40,000 to $50,000 per year, the quantity of rooms demanded at the Lakes rooms per night to rooms per night. Therefore, the income elasticity of demand is If the price of a room at the Mountaineer were to decrease by 20%, from $250 to $200, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Lakes. rooms per night to demand is from rooms per night. Because the cross-price elasticity of ,hotel rooms at the Lakes and hotel rooms at the Mountaineer are Lakes is debating decreasing the price of its rooms to $75 per night. Under the initial demand conditions, you can see that this would cause its total revenue to . Decreasing the price will always have this effect on revenue when Lakes is operating on the portion of its demand curve.

The following graph input tool shows the daily demand for hotel rooms at the Peacock Hotel and Casino in Las Vegas, Nevada. To help the hotel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. Demand Factor Initial Value Average American household income $40,000 per year Roundtrip airfare from New York (JFK) to Las Vegas (LAS) $200 per roundtrip $250 per night Room rate at the Grandiose Hotel and Casino, which is near the Peacock Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool (?) Market for Peacock's Hotel Rooms 500 Price 350…

Suppose that for your demand schedule for pizza is as follows:a)Use the midpoint method to calculate your price elasticity of demand as the price of pizza increases from$8 to $10 if(i)your income is $20,000(ii)your income is $24,000.b)Calculate your income elasticity of demand as your income increases from$20,000 to$24,000(i)the price is $12 and (ii) the price is $16

Ypsilanti Market Research conducted a survey to find out whether people who earn more money purchase more expensive goods. The following graph indicates the relationship between income the survey subjects earned and the price of the home that they purchased. PRICE (Thousands of dollars per home) 500 450 400 350 300 250 200 150 100 50 L 0 10 20 30 40 50 60 70 80 INCOME (Thousands of dollars per year) 90 100

I need help with my economics homework.

I need some help  Consider the equations and graphs for the demand and supply functions given below. Then answer the following questions. P=5Q^2+72Q P=-Q^2-3Q+20.23 State the domain for these curves for the analysis to be valid. (Answer to 2 decimal places)

By using the information below and with the help of MS Excel, please, find out the demand function and trend line (show in graph) PRICE QUANTITY DEMANDED (BUSINESS TRAVELERS) DEMANDED QUANTITY(VACATIONERS) 150 2100 1000 200 2000 800 250 1900 600 300 1800 400

The following currency rate: C$1.2948/$ is ..   A direct quote from the perspective of the U.S.   An indirect quote from the perspective of Canada   A direct quote from the perspective of Canada   An indirect quote from the perspective of the U.S.   Both c and d are correct

The demand for Good X in New Bedford, MA is given by the following equation: Qd=60-40P+2I-30Py where: Qd is the quantity demanded of Good X P is the price of Good X I is income Pb is the price of Good Y Without performing any calculations, determine if Good X and Good Y are substitutes, complements, or unrelated goods.  Explain how you used the function to make this determination. Without performing any calculations, determine if Good X is a normal or inferior good.  Explain how you used the function to make this determination. On a clearly labeled graph, plot the demand curve assuming the price of Good Y is $6 and income is $700

You are a financial analyst with a specialization in the motion pictureIndustry. You have been hired to analyze the prices of movie theater tickets. The following two events are occurring simultaneously in the Ghana:A new national chain opens new multi-screen movie theaters in most cities in Ghana.Movie theaters cut the price of popcorn and soft drinks in half.Draw a demand-and-supply graph showing equilibrium in the market for movie tickets hefore the above two events took place. Label the axes and curves. Label the initial equilibrium — before events (i) and (ii) - as P,and Q, on your graph.b.Now show on your graph how event (i) affects the demand or supply curves for tone teres, Brelly explain which of the demand or supply variables caused the eftect you are showing on your graph.Now slow on your graph how event (il) affects the demand or supply curves for ovis Lesets. Brielly explain which of the demand or supply variables caused the effe you are showing on your graph.Based on your…