(a)  Explain how the number of substitutes, proportion of income, luxuries and        necessities can affect the price elasticity of demand.  Give an example for each        determinant.                                                                                                  (3 marks) (b)  Discuss how the following factors will affect the demand or supply of hotel        industry:        (i)   People are generally fearful to travel during Covid-19 cirisis in the country.                                                                                                                              (2 marks)         (ii)  Government provides no financial help to financially stricken hotel operators               during Covid-19 crisis.                                                                          (2 marks)        (iii) there is substantial unemployment during the pandemic Covid-19 period                                                                                                                              (2 marks) (c)  Evaluate the following scenario:       (i)  Last summer, the manager of a soccer stadium car park charged $4.00 per car             and parked 1,000 cars. This summer it increased the parking price to $5.00 and             parked 850 cars. Explain whether the hike in price is a good economic decision             for the benefit of the car park company.                                                (4 marks)         (ii) XYZ fitness center increased the price of its club membership by 5% last             year and the membership drop by 7%. Explain whether the operator of XYZ             fitness club should increase or reduce the membership price this year based on             the information provided above.                                                            (4 marks)                                                                                                                                        (d)  Explain how price floors and ceilings can stifle the rationing function of prices and        distort resource allocation.                                                                           (4 marks)