Suppose that DirectJet Airlines has divided their passengers into economy class and business class. The price elasticity
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Suppose that DirectJet Airlines has divided their passengers into economy class and business class. The price elasticity of demand for the business class is −1.5, and for the economy class is −3. If the marginal cost of a seat on a flight from London to Paris is EUR 150, what are the optimal prices for each group?
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Price elasticity of demand is a measure of how the quantity demanded of a good responds to a change ...View the full answer
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