1- Suppose the business travellers and holiday makers have the following demand for airline tickets from stanbul to Munich. Quantity Demanded (business travellers) Quantity Demanded Price (C) (holidaymakers) 150 2100 1000 200 2000 800 250 1900 600 300 1800 400 a) As the price of the tickets rises from C200 to 250, calculate the price elasticity of demand both for business travellers and holidaymakers? Name the type of price elasticities of demand that business travellers and holidaymakers have? (30p) b) Explain why might business travellers and holidaymakers have different price elasticities? (30p) 2- State what would happen to equilibrium price and quantity for each of the following market conditions? a) demand increases and supply increases (10p) b) demand increases and supply decreases (10p) c) demand decreases and supply decreases (10p) d) demand decreases and supply increases (10p)