If average household income increases by 50%, from $40,000 to $60,000 per year, the quantity of rooms demanded at the triple sevens from rooms per night to rooms per night. therefore, the income elasticity of demand is , meaning that hotel rooms at the triple sevens are . if the price of a room at the exhilaration were to decrease by 20%, from $200 to $160, 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 hotel rooms at the exhilaration are . triple sevens is debating decreasing the price of its rooms to $175 per night. under the initial demand conditions, you can see that this would cause its total revenue to . decreasing the price will always have this effect on revenue when triple sevens is operating on the portion of its demand curve.

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James albemarle created a trust fund at the beginning of 2016. the income from this fund will go to his son edward. when edward reaches the age of 25, the principal of the fund will be conveyed to united charities of cleveland. mr. albemarle specified that 75 percent of trustee fees are to be paid from principal. terry jones, cpa, is the trustee. james albemarle transferred cash of $500,000, stocks worth $400,000, and rental property valued at $250,000 to the trustee of this fund. immediately invested cash of $360,000 in bonds issued by the u.s. government. commissions of $7,900 are paid on this transaction. incurred permanent repairs of $9,000 so that the property can be rented. payment is made immediately. received dividends of $8,000. of this amount, $3,000 had been declared prior to the creation of the trust fund. paid insurance expense of $4,000 on the rental property. received rental income of $10,000. paid $8,000 from the trust for trustee services rendered. conveyed cash of $7,000 to edward albemarle.