Mathematics, 25.10.2021 04:40 kelseyxxswd2932
Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston:
Price
Quantity Demanded by Business Travelers
Quantity Demanded by Vacationers
(Dollars)
(Tickets)
(Tickets)
150 2,100 1,000
200 2,000 800
250 1,900 600
300 1,800 400
As the price of tickets rises from $150 to $200, the price elasticity of demand for business travelers is , and the price elasticity of demand for vacationers is , using the midpoint method. Therefore, the demand for airline tickets in this price range is elastic for vacationers because business travelers are sensitive to changes in price.
Answers: 3
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Suppose that business travelers and vacationers have the following demand for airline tickets from N...
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