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What is the price elasticity of demand for a hotel room if an increase in price of 20% leads to a decrease in demand of 30%? What is the price elasticity of demand for a restaurant if an increase in price of 20% leads to a decrease in demand of 10%? Describe six factors which affect the price elasticity of demand for goods and services. Give examples for each. If the income elasticity of demand for a good is -1, what sort of good is it likely to be? Give an example. What do we call a good or service if demand increases when income increases? What range would the income elasticity of demand fall into? Give an example. Give an example of two goods andfor services in the tourism sector which would have negative crossprice elasticity. What are these goods and services called? There are two cafs side by side in Broadbeach Mall. Cafe A lowers its price for a standard coffee from $5 to :54. What would happen to the quantity demand at Cafe B. What range would you expect the crossprice elasticity to be in? What is the price elasticity of supply for Hinterland Tours if a price increase of 15% leads to the cluantityr being supplied by the market increasing by 25%? Describe four factors that affect the price elasticity of supply of goods and services. Give examples