The demand schedule for hotel rooms is Price Quantity demanded (dollars per night) (millions of rooms per
Question:
The demand schedule for hotel rooms is Price Quantity demanded
(dollars per night) (millions of rooms per night)
200 100 250 80 400 50 500 40 800 25
a. What happens to total revenue when the price falls from $400 to $250 a night and from
$250 to $200 a night?
b. Is the demand for hotel rooms elastic, inelastic, or unit elastic?
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