The question is stated below

The following graph input tool shows the daily demand for hotel rooms at the Peacock Hotel and Casino in Las Vegas, Nevada. To help the hotel management better understand the market, an economist identied three primary factors that affect the demand for rooms each night. These demand factors, along with the values corresponding to the initial demand curve, are shown in the following table and alongside the graph input tool. Demand Factor Initial Value Average American household income $50,000 per year Roundtrip airfare from Los Angeles (LAX) to Las Vegas (LAS) $200 per roundtrip Room rate at the Grandiose Hotel and Casino, which is near the Peacock $200 per night 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 eld, the graph and any corresponding amounts in each grey field will change accordingly. Graph Input Tool 500 Market for Peacock's Hotel Rooms 450 - | Price 400 (Dollars per room) 200 A Quantity E 350 Demanded 300 , E I (Hotel rooms per , 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 ? 500 Market for Peacock's Hotel Rooms 450 Price 200 (Dollars per room) 400 Quantity 300 350 Demanded (Hotel rooms per 300 night) PRICE (Dollars per room) 250 200 Demand Factors 150 Demand Average Income 50 100 (Thousands of dollars) 50 Airfare from LAX to 200 LAS 0 (Dollars per 0 50 100 150 200 250 300 350 400 450 500 roundtrip) QUANTITY (Hotel rooms) Room Rate at 200 Grandiose (Dollars per night)For each of the following scenarios, begin by assuming that all demand factors are set to their original values and Peacock is charging $200 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 Peacock V from rooms per night to rooms per night. Therefore, the income elasticity of demand is V , meaning that hotel rooms at the Peacock are v . If the price of an airline ticket from LAX to LAS were to increase by 10%, from $200 to $220 roundtrip, while all other demand factors remain at their initial values, the quantity of rooms demanded at the Peacock v from rooms per night to rooms per night. Because the cross- price elasticity of demand is V , hotel rooms at the Peacock and airline trips between LAX and LAS are V . Peacock is debating decreasing the price of its rooms to $175 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 Peacock is operating on the V portion of its demand curve