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Question 1: Graphing question (8 marks) In parts a and b of this question you are required to draw a graph on paper then take
Question 1: Graphing question (8 marks) In parts a and b of this question you are required to draw a graph on paper then take a photograph and insert it into your answer file. Please answer the other parts of the question (c-e) in your answer file marking each clearly. The data table below presents sales records for a Cruise Liner in 2019. Management have experimented with different prices and monitored the effects of price changes on tickets sold. Price Point Average Cabin Price Cabins Sold (per trip) A $1,000 7,000 (capacity) B $1500 6000 C $2000 5000 D $2500 4000 E $3000 3000 a. Plot these data on a graph (2 marks) 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 and the following sales figures are observed in the immediate post-pandemic period. Price Point Average Cabin Price Cabins Sold (per trip) A $1,000 6000 B $1500 5000 C $2000 4000 D $2500 3000 F $3000 2000 b. Add these data to your graph and annotate your graph to show what is happening in this case (2 marks) c. What price would the cruise ship have to charge to book out to full capacity after the pandemic? (1 mark) d. In terms of the factors which can cause a shift in demand, which is most likely to explain this shift? Explain your answer (1 mark) What are the other four facto
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