Advanced Placement (AP), 16.07.2021 01:50 Chatoloko231

If the price of an airline ticket from LAX to LAS 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 Triple Sevens from rooms per night to rooms per night. Because the cross-price elasticity of demand is , hotel rooms at the Triple Sevens and airline trips between LAX and LAS are .

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If the price of an airline ticket from LAX to LAS were to increase by 20%, from $250 to $300 roundtr...