Business, 18.02.2020 17:14 princesincer9256

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 de curve, are shown in the following table and alongside the graph input too Initial value Demand Factor Average American household income $50,000 per year round trip airfare from San Francisco (sFo) to Las Vegas (LAS) $100 per round trip Room rate at the Grandiose Hotel and Casino, which is near the Peacock $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. Graph Input Tool Market for Peacock's Hotel Rooms 500 450 Price 200 (Dollars per room) 400 Quantity 300 Demanded 350 (Hotel rooms per night) 300 250 Demand Factors 200 150 Average Income 50 Demand (Thousands of 100 dollars) Airfare from SFO to 50 100 (Dollars per round trip) 0 50 100 150 200 250 300 350 400 450 500 Room Rate at QUANTITY (Hotel rooms) 250 Grandiose (Dollars per night) For each of the following scenarios, begin by assuming that all demand factors are set to their original values and that Peacock is charging $200 per room per night.

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The following graph input tool shows the daily demand for hotel rooms at the Peacock Hotel and Casin...

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