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Demand Factor Initial Value Average American household income $50,000 per year Roundtrip airfare from San Francisco (SFO) to Las Vegas (LAS) $250 per roundtrip Room rate at the Exhilaration Hotel and Casino, which is near the Triple $250 per night Sevens Use the graph input tool to help you answer the following questions. You will not be graded on any changes you make to this graph. Note: Once you enter a value in a white field, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool (?) Market for Triple Sevens's Hotel Rooms 500 I Price 450 (Dollars per room) 300 400 Quantity PRICE (Dollars per room) Demanded 200 350 (Hotel rooms per night 300 250 Demand Factors 200 Average Income (Thousands of dollars) 50 150 Demand 100 Airfare from SFO to LAS 250 50 (Dollars per roundtrip) Room Rate at Exhilaration 250 0 50 100 150 200 250 300 350 400 450 500 (Dollars per night) QUANTITY (Hotel rooms)For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Triple Sevens is charging $300 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 Triple Sevens V from Triple Sevens are V - rooms per night to rooms per night. Therefore, the income elasticity of demand is v , meaning that hotel rooms at the If the price of an airline ticket from SFO to LAS were to increase by 20%, from $250 to $300 roundtrip, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Triple Sevens V from rooms per night to rooms per night. Because the cross- price elasticity of demand is V , hotel rooms at the Triple Sevens and airline trips between SF0 and LAS are V . Triple Sevens is debating decreasing the price of its rooms to $275 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 Triple Sevens is operating on the V portion of its demand curve. price S after tax 65 6 5 45 35 3 25 15 OS 5 10 15 20 25 30 35 40 45 50 55 60 65 70 quantity Refer to Figure 6-22. Sellers pay how much of the tax per unit? Oa. $3.00. Ob. $5.00. Oc. $0.50. Od. $1.50.Refer to Figure 7-28. At the quantity Q3, O a. the marginal value to buyers is less than the marginal cost to sellers. If} b. consumer surplus is maximized. O c. the sum of consumer surplus and producer surplus is maximized. If") d. the market is in equilibrium