The following graph input tool shows the daily demand for hotel rooms at the Tri
ID: 1142704 • Letter: T
Question
The following graph input tool shows the daily demand for hotel rooms at the Triple Sevens 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 American household income Roundtrip airfare from San Francisco (SFO) to Las Vegas (LAS) Room rate at the Exhilaration Hotel and Casino, which is near the Triple Sevens Initial Value $50,000 per year $250 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 Graph Input Tool Market for Triple Sevens's Hotel Rooms 500 450 400 350 300 250 200 O 150 Price 300 Dollars per room) Quantit Demanded (Hotel rooms per night) 200 Demand Factors Average Income Thousands of dollars) 0: and 50 Airfare from SFO to LAS (Dollars per roundtrip) 50 250 0 50 100 150 200 250 300 350 400 450 500 QUANTITY (Hotel rooms) Room Rate at 250Explanation / Answer
You look back at the counter and to the kitchen area behind it. The kitchen, you now know, is
an example of a production process that takes inputs and produces output. Some of the inputs
are perhaps obvious, such as basic ingredients like raw chicken and cooking oil. Before you
took the economics course, you might have thought only about those ingredients. Now you
know that there are many more inputs to the production process, including the following:
The building housing the restaurant
The tables and chairs inside the room
The people working behind the cash register and in the kitchen
The people working at KFC headquarters managing the outlets in Paris
The stoves, ovens, and other equipment in the kitchen used to cook the food
The energy used to run the stoves, the ovens, the lighting, and the heat
The recipes used to convert the ingredients into a finished produc
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