4. You've collected the following data on the rates charged at the Hotel Greene [for a room with two queen sized beds and 'free' continental breakfast) and the number of rooms occupied. The Hotel Greene has 50 rooms, and at no time were potential visitors turned away due to no vacancy. Use this data to estimate a Iconstant elasticity' demand function. From this, give the price elasticity of demand. Quantity (rooms Obsewaon Rate per night re nted) 28 i 23 i i 22 34 16 28 44 21 20 29 15 _______29 ______________________________________ 42 43 21 20 34 40 20 i i | i 5 7. Next door to the Hotel Greene is the La Porte City Inn. Their rate for a single room is SSfnight, with an average of 60 rooms occupied per night. Assume that the industry norm for the price elasticity of demand for hotels or inns like the La Porte City Inn is 1.7. Further assume that the demand function is reasonably approximated with a constantprice elasticity of demand functional form: [1 = aPb, where b is the price elasticity of demand. 5. Use the above information to calculate the value for 'a.' 6. Use the resulting demand function to estimate the number of rooms occupied if the price was decreased to $45] night. 7- The marginal cost of providing a room at the La Porte City Inn is 520. Use the markup rule for prot maximization to calculate the prot maximizing rate