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1. Airline companies often charge lower prices for those passengers who book a seat well in advance, and charge higher prices for those passengers who

1. Airline companies often charge lower prices for those passengers who book a seat well in advance, and charge higher prices for those passengers who book at the last minute. Explain the rationale behind this pricing strategy by specifying the name of price discrimination, and by using the term "price elasticity of demand". (40-80 words)

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