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 500 450 300 400 Price (Dollars per room) Quantity Demanded (Hotel rooms per night) 200 350 300 PRICE (Dollars per room) 250 200 Demand Factors 150 Derrand 40 100 50 200 Average Income (Thousands of dollars) Airfare from LAX to LAS (Dollars per roundtrip) Room Rate at Lucky (Dollars per night) 0 0 + 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) 200 For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Big Winner is charging $300 per room per night. If average household income increases by 50%, from $40,000 to $60,000 per year, the quantity of rooms demanded at the Big Winner from rooms per night to rooms per night. Therefore, the income elasticity of demand is meaning that hotel rooms at the Big Winner are If the price of a room at the Lucky were to decrease by 20%, from $200 to $160, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Big Winner from rooms per night to rooms per night. Because the cross-price elasticity of demand is hotel rooms at the Big Winner and hotel rooms at the Lucky are Big Winner is debating decreasing the price of its rooms to $275 per night. Under the initial demand conditions, you can see that this would cause its Decreasing the price will always have this effect on revenue when Big Winner is operating on the portion of its demand curve. total revenue to