MindTap - Cengage Learning X tps:/g.cengage.com/staticb/ui/evo/index.html?deploymentld=5981412353502464190243042516&elSBN=9780357133576&id... to . . .

MindTap - Cengage Learning tps://ng.cengage.com/static/nb/ui/evo/index.html?deptoymentld- CENGAGE I MINDTAP Module Three Quiz Back to Assignment Attempts O X udy Tools ss Tips for a FREE 7- ge Unlimited Jnlimited Keep the Highest 1 3 20. Application: Elasticity and hotel rooms The following graph input tool shows the daily demand for hotel rooms at the Triple Sevens Hotel and Casino in Las Vegas, Nevada. 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. Demand Factor Average American household income Roundtrip airfare from San Francisco (SFO) to Las Vegas (LAS) Room rate at the Exhilaration Hotel and Casino, which is near the Triple Sevens Initial Value $50,000 per year $100 per roundtrip $250 per night