fallsrises inferior good normal good fallsrises negativeposi

falls/rises

inferior good /normal good

falls/rises

negative/positive

substitutes/complements

decrease/increase

elastic/inelastic

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 identified 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 Average Canadian household income Roundtrip airfare from Toronto (YYZ) to Las Vegas (LAS) Room rate at the Grandiose Hotel and Casino, which is near the Peacock Initial Value $50,000 per year $100 per roundtrip $250 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 field, the graph and any corresponding amounts in each grey field will change accordingly.

Solution

Rises

Normal good

Falls

Positive

Substitutes

Can answer only 4 parts according to chegg policy. Please send other parts as separate question