Answer all questions and parts please with detail!!

Chapter 5 Question 1. Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: Price Quantity Demanded(business traveler} Quantity dcmanded( 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 the midpoint method in your calculations.) b. Why might vacationers have a different elasticity from business travelers? Chapter 6 Question 2) The government has decided that the free-market price of cheese is too low. a. Suppose the government imposes a binding price oor in the cheese market. Draw a supply-and-demand diagram to show the effect of this policy on the price of cheese and the quantity of cheese sold. Is there a shortage or surplus of cheese? b. Producers of cheese complain that the price oor has reduced their total revenue. Is this possible? Explain. c. In response to cheese producers' complaints, the government agrees to purchase all the surplus cheese at the price oor. Compared to the basic price oor, who benets from this new policy? Who loses