Content X MindTap - Cengage Learning C ng.cengage.com/staticb/ui/evo/index.html?deploymentld=598281800483229979995799&eISBN=9780357133606&id=1785527459&snapshotld=3459973& G * 0 8 Update : Brooklyn v

Brooklyn v My Home Courses Catalog and Study Tools Rental Options College Success Tips Career Success Tips Help Give Feedback CENGAGE I MINDTAP Homework (Ch 05) Attempts 1.6 CQ Content L- 250 MindTap - Cengage Learning X + ng.cengage.com/static/nb/ui/evo/index.html?deploymentld- Q Keep the Highest 1.6 / 3 9. Application: Elasticity and hotel rooms 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 tool. Update Search this course A-Z Demand Factor Average American household income Roundtrip airfare from New Orleans (MSY) to Atlantic City (ACY) Room rate at the Meadows Hotel and Casino, which is near the Oceans Initial Value $40,000 per year $200 per roundtrip $200 per night 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: o 0 O 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 Oceans's Hotel Rooms 500 450 400 350 300 200 150 100 50 o 50 D 100 150 200 250 300 350 mand 500 Price (Dollars per room) Quantity Demanded (Hotel rooms per night) Demand Factors Average Income (Thousands of dollars) Airfare from MSY to ACY (Dollars per roundtrip) Room Rate at 300 200 40 200 400 450 QUANTITY (Hotel rooms)