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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