9:27 AM Sat Sep 9 . . . 60%

9:27 AM Sat sep 9 ng.cengage.com MindTap - Cengage Learning e 3-1 Quiz - ECO-201-T1097 Microeconomics... CENGAGE I MINDTAP Module Three Quiz k to Assignment Keep the Highest / 1 www.coursehero.com/api/vl/documents/dow... Q Search this course A-Z Attempts O 5. Law of Demand Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: Price (Dollars) 150 200 250 300 Quantity Demanded by Business Travelers (Tickets) 2,100 2,000 1,900 1,800 Quantity Demanded by Vacationers (Tickets) 1,000 800 600 400 As the price of tickets rises from $250 to $300, the price elasticity of demand for business travelers is , and the price elasticity of demand for vacationers is , using the midpoint method. Therefore, the demand for airline tickets in this price range is vacationers because business travelers are sensitive to changes in price. Grade It Now elastic for Save & Continue Continue without saving