Table 2 Price Quantity demanded (millions of rooms per night) (dollars per room per night) 200 250 400 500 800 100 80 50 40 25 2) The demand schedule for hotel rooms is in the table 2 a. What happens to total revenue when the price falls from $400 to $250 a room per night and from $250 to $200 a room per night? b. Is the demand for hotel rooms elastic, inelastic or unit elastic?
Table 2 Price Quantity demanded (millions of rooms per night) (dollars per room per night) 200 250 400 500 800 100 80 50 40 25 2) The demand schedule for hotel rooms is in the table 2 a. What happens to total revenue when the price falls from $400 to $250 a room per night and from $250 to $200 a room per night? b. Is the demand for hotel rooms elastic, inelastic or unit elastic?
Principles of Economics 2e
2nd Edition
ISBN:9781947172364
Author:Steven A. Greenlaw; David Shapiro
Publisher:Steven A. Greenlaw; David Shapiro
Chapter5: Elasticity
Section: Chapter Questions
Problem 1SCQ: From the data in Table 5.5 about demand for smart phones, calculate the price elasticity of demand...
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