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Hello, I would appreciate it if you could write it down on paper and take a picture of it. Thank you in advance Notes: For
Hello, I would appreciate it if you could write it down on paper and take a picture of it. Thank you in advance
Notes: For parts a) and b) of this question, you are to draw on a graph paper. Then, take a photograph and insert it into your answer file. Please answer the other parts of the question (c to e) in your answer file, marking each clearly. Jim is the Chief Executive Officer of a popular cruise with destinations across several countries in Asia. During the period of the Covid-19 pandemic, Jim experimented with different prices and monitored the effects of price changes on cabins sold. The table below presents the relevant data. Price Point Average Cabin Price Cabins Sold (per trip) A $1,000 7,000 (full capacity B $1,500 6,000 C $2,000 5,000 D $2,500 4,000 F $3,000 3,000 a. Plot these data on a graph. During the Covid-19 pandemic cruise ships were widely associated with the spread of the disease and many passengers were trapped on ships for long periods of time. Imagine that the pandemic is over, and cruising has been reintroduced. Jim now observes the following sales figures in the immediate post-pandemic period. Price Point Average Cabin Price Cabins Sold (per trip) A $1,000 6,000 B $1,500 5,000 C $2,000 4,000 D $2,500 3,000 E $3,000 2,000 b. Add these data to your graph and annotate your graph to show what is happening in this case. c. What price would Jim have to charge to book out to full capacity after the pandemic?d. in terms of the factors which can cause a shift in demand, which is most likely to explain this shift? Explain your answer. e. What are two other factors that can cause a shift in demand? Give an example of each fron the tourism and hospitality sectorStep by Step Solution
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