The following graph input tool shows the daily demand for hotel rooms at the Oceans 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 toolf Use the graph input tool to help you answer the following questions. You will not be graded an 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. 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 cor each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $400 per ro per night. If average household income increases by 10%, from $50,000 to $55,000 per year, the quantity of rooms demanded at the Oceans Y from rooms per night to rooms per night. Therefore, the income elasticity of demand is meaning that ms at Oceans are If the price of an airline ticket from PIT to ACY were to increase by 10%, from $200 to $220 roundtrip, while all other demand facto........... at th initial values, the quantity of rooms demanded at the Oceans from rooms per night to rooms per night. Because the cross-p elasticity of demand is , hotel rooms at the Oceans and airline trips between PIT and ACY are Oceans is debating decreasing the price of its rooms to $375 per night. Under the initial demand conditions, you can see that this would cause its to revenue to Decreasing the price will always have this effect on revenue when Oceans is operating on the demand curve. each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $400 per room right, average household income increases by 10%, from $50,000 to $55,000 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 Jceans are If the price of an airine ticket from PIT to ACY were to increase by 10%, from $200 to $220 roundtri ther demand factors remain at their initial values, the quantity of rooms demanded at the Oceans from rooms per night to, ms per night. Because the cross-price elasticity of demand is hotel rooms at the Oceans and airline trips between PIT and ACY are Oceans is debating decreasing the price of its rooms to $375 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 Oceans is operating on the portion of its demand curve. For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $400 per room per night. If average household income increases by 10%, from $50,000 to $55,000 per year, the quantity of rooms demanded at the Oceans from Oceans is debating decreasing the price of its rooms to $375 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 Oceans is operating on the demand curve. portion of its For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $400 per roon per night. If average household income increases by 10%, from $50,000 to $55,000 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 Oceans are If the price of an airine ticket from PIT to ACY were to increase by 10%, from $200 to $220 roundtrip, while all other demand factors remain at thei initial values, the quantity of rooms demanded at the Oceans from rooms per night to roms per night. Because the cross-pri elasticty of demand is , hotel rooms at the 0 alrine trips between PIT and ACY are Oceans is debating decreasing the price of its rooms to $37!. Under the initial demand conditions, you can see that this would cause its tot: revenue to Decreasing the price will alway! effect on revenue when Oceans is operating on the demand curve. For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $400 per per night. If average household income increases by 10%, from $50,000 to $55,000 per year, the quantity of rooms demanded at the Oceans rooms per night to rooms per night. Therefore, the income elasticity of demand is , meaning that hotel rooms Oceans are If the price of an ailline ticket from PIT to ACY were to increase by 10%, from $200 to $220 roundtrip, while all other demand factors remain at t initial values, the quantity of rooms demanded at the Oceans from rooms per night to per night. Because the cross elasticity of demand is hotel rooms at the Oceans and airline trips between PIT and ACY are Oceans is debating dec price of its rooms to $375 per night. Under the initial demand conditions, you can see that this would cause its t revenue to asing the price will always have this effect on revenue when Oceans is operating on the portion of demand curve. For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $400 per room per night. If average household income increases by 10%, from $50,000 to $55,000 per year, the quantity of rooms demanded at the Oceans 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 bcket from PIT to ACY were to increase by 10%, from $200 to $220 roundtrip, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Oceans from rooms per night to per night, Because the cross-price. elasticty of demand is , hotel rooms at the Oceans and airline trips between PIT and ACY are Oceans is debating decreasing the price of its rooms to $375 per night. Under the initial demand conditions, this would cause its total fevenue to Decreasing the price will always have this effect on revenue when Oceans is ope portion of its demand curve. For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $400 per room per night. If average household income increases by 10%, from $50,000 to $55,000 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 alrine ticket from PIT to ACr were to increase by 10%, from $200 to $220 roundtrip, whlle all other demand factors remain at their initial values. the cuantity of rooms demanded at the Oceans from rooms per night to per night. Because the cross-price elasticity of hotel rooms at the Oceans and airline trips between PIT and ACY are. Oceans is: easing the price of its rooms to $375 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 Oceans is operating on the portion of its demand curve. For each of the following scenarlos, begin by assuming that all demand factors are set to their original values and Oceans is charging $400 per room per night. If average household income increases by 10%, from $50,000 to $55,000 per year, the quantity of rooms demanded at the Oceans 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 airine ticket from PIT to ACY were to increase by 10%, from $200 to $220 roundtrip, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Oceans from rooms per night to rooms per niaht. Because the cross-price elasticty of cemand is , hotel rooms at the Oceans and airline trips between PIT and ACY are Oceans is debating decreasing the price of its rooms to $375 per night. Under the initial demand conditions, you can see t Id cause its total revenue to Decreasing the price will always have this effect on revenue when Oceans is operating on the portion of its demand curve