5. What are cross elasticity and income elasticity of demand? Explain and provide a few examples. 6. The prices a

[answerhappygod]

5. What are cross elasticity and income elasticity of
demand? Explain and provide a few examples.
6. The prices airlines charge
business versus leisure travelers are different. Do you believe
this is fair? In which way are each of business versus leisure
travelers’ demands elastic to price changes (in your opinion
only)?
7. Colleges and universities
offer financial aid to low-income students, charge regular prices
to domestic students and up to three (3) times more to
international students. Do you believe this is fair? Why/why not?
How would international elasticity of demand respond if prices were
lowered to domestic rates?