Please help me find a solution to this problem, I'm quite confused on the right process evening after reading it over and over.

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 identied 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 Initial Value Average American household income $50,000 per year Roundtrip airfare from Des Moines (DSM) to Aantic City (ACY) $100 per roundtrip Room rate at the Meadows Hotel and Casino, which is near the Oceans $250 per night Use the graph input tool to help you answer the following questions. You will not he graded on any changes you make to this graph. Note: Once you enter a value in a white eld, the graph and any corresponding amounts in each grey eld will change accordingly. Graph Input Tool 6') Market for Oceans's Hotel Rooms 500 450 - E| Price 400 (Dollars oer room} Quanti E 350 Deman ed 350 8 {Hotel rooms per 5 300 night} D. E 250 8 2m Demand Factors d _ 151: Average Income o: o. (Thousands of 1\"\" dollars) 5'0 Airfare from DSM to _ l m I} .!. '... _;. :_. .-_ . .- _ (Dollars DIST 0 5o 1:10 150 20o 25:: 300 350 400 45o 50c: mum-trip) OUANTITYiHoteI I'OOITIS) Room Rate- at Meadow-5 (Dollars oer night) For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $150 per room per night. If average household income increases by 20%, from $50,000 to $60,000 per year, the quantity of rooms demanded at the Oceans v from E rooms per night to E rooms per night. Therefore, the income elasticity of demand is v , meaning that hotel rooms at the Oceans are 7 . If the price of an aidine ticket from DSM to MIT were to increase by 10%, from $100 to $110 roundtrip, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Oceans V from E rooms per night to E rooms per night. Because the cross-price elasticity of demand is V , hotel rooms at the Oceans and airline tn'ps between DSM and ACY are 7 . Oceans 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 v . Decreasing the price will always have this effect on revenue when Oceans is operating on the 7 portion of its demand curve