How would I be able to solve this problem? It corresponds to Application: Elasticity and hotel rooms

Application: Elasticity and hotel rooms

The following graph input tool shows the daily demand for hotel rooms at the Big Winner 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 $50,000 per year Roundtrip airfare from Los Angeles (LAX) to Las Vegas (LAS) $100 per roundtrip

Room rate at the Lucky Hotel and Casino, which is near the Big Winner $200 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 Big Winner's Hotel Rooms 450 Price (Dollars per room) 350 400 Quantity PRICE (Dollars per room) 150 350 Demanded (Hotel rooms per night) 300 250 Demand Factors 200 Average Income (Thousands of 50 150 PUBWag dollars) 100 Airfare from LAX to LAS 100 (Dollars per roundtrip) 0 50 100 180 200 250 300 350 400 450 500 Room Rate at Lucky QUANTITY (Hotel rooms) (Dollars per night) 200