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3. When the price of airline tickets rises from an average of $200 to $250, the average number of tickets bought by vacationers drops from

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3. When the price of airline tickets rises from an average of $200 to $250, the average number of tickets bought by vacationers drops from 2,000 to 1900 and the number bought by business travelers drops from 800 to 600. Calculate the price elasticity of demand for; a) Business travelers b) Vacationers. Indicate whether the demand is elastic or inelastic in each case

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