Question 19 Read the attached news story from Bloomberg. The writer of the newspaper article assumed that most workers could not afford a hotel room at an average price of $300 per night. (6 points) Assume the average traveler looking to book a room in the Permian Basin area is there on business. What can you tell me about the price elasticity of demand for the average business traveler booking on the night of expected stay? (2 points) Is demand elastic, inelastic or unit elastic? (4 points) Be sure to include a definition of price elasticity of demand and explain your answer, (6 points) Which demand would be more elastic: the demand for laundry services at the hotels or the demand for laundromat services? Please explain. What the Permian Oil Boom Looks Like - Bloomberg.pdf Edit View Insert Format Tools Table 12pty Paragraph ~ | B I U AV Q V TV Q B B BV 8 BEVS D By Fo