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 botel management better understand the market, an economist identified three primary factors that affect the demand for rooms each night. These demand fectors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph inpot tool. Wie the graph input tool to help you answer the following guestions. You will not be graded on any changes you make to thes graph. Note: Once you enter o vabue in a white field, the graph and any corresponding amourits in coch grey field will change accordikioly. 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 cach grey field will change accordingly. Graph Input Tool For each of the following sceriarios, begin by assuming that all demand factors are set to their original values and Oceans is charging $350 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 rooms per night to roorns per night. Therefore, the income elasticity of dernand is , meaning that hotel rooms at the Oceans are If the price of an airline ticket from DSM to ACY 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 Oceans from rooms per night to elisticity of demand is , hotel rooms at the Oceans and airline trips between DSM and ACY are Oceans ts debating decreasing the price of its rooms to $325 per night. Under the initial demand conditions, you can see that this would cause its total revence to Decreasing the price will always have this effect on revenue when Dceans is operating on thepertion of its: demand curve