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ABC World Theme Park operates a one of the world's famous theme park and hotel in HK. The own price elasticity of demand for rooms

ABC World Theme Park operates a one of the world's famous theme park and hotel in HK. The own price elasticity of demand for rooms at ABC World Hotel is 3.5. The income elasticity of demand for rooms at ABC World Hotel is 1.8. The cross-price elasticity of demand for rooms at ABC World Hotel with respect to the price of airfare is -0.5. i. If ABC World Theme Park raises its prices by 10 percent, what will be the percentage in occupancy of hotel rooms? ii. If an economic recovery increases income in HK by 4.2%, what will be the percentage change in occupancy of hotel rooms? iii. If airline consolidation raises the price of airfare by 22%, what will be the percentage change in occupancy of hotel rooms?

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