Graph Input Tool (? Market for Triple Sevens's Hotel Rooms Price 200 (Dollars per room) Quantity 300 Demanded (Hotel rooms per night) PRICE (Dollars per room) Demand Factors Den and Average Income 40 (Thousands of dollars) Airfare from JFK to LASH 200 Dollars per 0 50 100 150 200 250 300 350 400 450 500 roundtrip QUANTITY (Hotel rooms) Room Rate at 200 Exhilaration (Dollars per night) For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Triple Sevens is charging $200 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 Triple Sevens Jrises ~ from 300 rooms per night to 400 rooms per night. Therefore, the income elasticity of demand is meaning that hotel rooms at the Triple Sevens are If the price of a room at the Exhilaration 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 Triple Sevens from rooms per night to rooms per night. Because the cross-price elasticity of demand is , hotel rooms at the Triple Sevens and hotel rooms at the Exhilaration are Triple Sevens is debating decreasing the price of its rooms to $175 per night. Under the initial demand conditions, you can see that this would cause its total revenue to . Decreasing the price will always have this effect on revenue when Triple Sevens is operating on of its demand cu