Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: P

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Suppose That Business Travelers And Vacationers Have The Following Demand For Airline Tickets From New York To Boston P 1 (87.47 KiB) Viewed 36 times

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) 150 2,100 200 2,000 1,900 1,800 250 300 (Tickets) 1,000 800 600 400 I 1 1.28 0.17 5.88 As the price of tickets rises from $150 to $200, the price elasticity of demand for business travelers is vacationers is using the midpoint method. Therefore, the demand for airline tickets in this price range is sensitive to changes in price. business travelers are I and the price elasticity of demand for elastic for vacationers because