Need help on figuring this out? Could not fit the whole problem on the question but here is the question..The Average American household income - $50,000Roundtrip airfare from New York to las Vegas- $250 per roundtripRoom rate at the grandiose Hotel and Casino- $200 per night

Homework (Ch 05) 500 Market for Peacock's Hotel Rooms Price (Dollars per room) 150 PRICE (Dollars per room) Quantity Demanded 350 (Hotel rooms per night) Demand Factors Demand Average Income (Thousands of 50 dollars) Airfare from JFK to LAS 250 o (Dollars per 50 100 150 200 250 300 350 400 450 500 roundtrip) QUANTITY (Hotel rooms) Room Rate at Grandiose 200 (Dollars per night) For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Peacock is charging $150 per room per night. If average household income increases by 10%, from $50,000 to $55,000 per year, the quantity of rooms demanded at the Peacock falls from 350 rooms per night to 200 rooms per night. Therefore, the income elasticity of demand is negative , meaning that hotel rooms at the Peacock are an inferior good If the price of a room at the Grandiose 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 Peacock rises _ from 350 rooms per night to rooms per night. Because the cross-price elasticity of demand is positive , hotel rooms at the Peacock and hotel rooms at the Grandiose are _substitutes Peacock is debating decreasing the price of its rooms to $125 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 Peacock is operating on the portion of its demand curve