Airlines know from experience that vacation travelers have an elastic demand for air travel whereas business travelers
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Airlines know from experience that vacation travelers have an elastic demand for air travel whereas business travelers have an inelastic demand for air travel.
If an airline wants to increase its total revenue, it should
■
a. decrease fares for both business and vacation travelers.
■
b. increase fares for both business and vacation travelers.
■
c. increase fares for business travelers and decrease fares for vacation travelers.
■
d. decrease fares for business travelers and increase fares for vacation travelers.
■
e. leave fares the same for both groups.
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