Consider Luxury Weekend Hotel Packages in Las Vegas

question 274

Multiple Choice

Consider luxury weekend hotel packages in Las Vegas.When the price is $250,the quantity demanded is 2,000 packages per week.When the price is $280,the quantity demanded is 1,700 packages per week.Using the midpoint method,the price elasticity of demand is about

• A)1.43,and an increase in the price will cause hotels' total revenue to decrease.
• B)1.43,and an increase in the price will cause hotels' total revenue to increase.
• C)0.70,and an increase in the price will cause hotels' total revenue to decrease.
• D)0.70,and an increase in the price will cause hotels' total revenue to increase.

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Definitions:

Egalitarian

Relating to or believing in the principle that all people are equal and deserve equal rights and opportunities.

Sensitivity

The quality of being easily affected by external inputs or changes, often referring to emotional acuteness or responsiveness to stimuli.

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A parenting style characterized by high responsiveness and high demands, blending a caring tone with structure and rules.

Gender Awareness

The understanding of the social constructions and roles associated with gender, often developed in early childhood.