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2. Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: Quantity Demanded Quantity Demanded Price (business

2. Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: Quantity Demanded Quantity Demanded Price (business travelers) (vacationers) $150 2,100 tickets 1,000 tickets 200 2,000 800 250 1,900 600 300 1,800 400 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 the midpoint method in your calculations.) b. Why might vacationers have a different elasticity from business travelers

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