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1.Suppose the business travelers and vacationers have following demand for airline tickets from New York to Boston. Price Quantity demanded (Business Travelers) Quantity demanded (Vacationers)

1.Suppose the business travelers and vacationers have following demand for airline tickets from New York to Boston.

Price Quantity demanded (Business Travelers) Quantity demanded (Vacationers)

$150 2100 tickets 1000 tickets

$200 2000 800

$ 250 1900 600

$300 1800 400

a.As the price of tickets rises from $200 to $250, what is the price elasticity of demand for (i)Business Travelers and (ii) Vacationers? (Use Arc method in your calculations). Explain with the help of diagrams.

I need to have diagrams for the answer

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