As the pandemic has waned the demand airline tickets has increased. If the price elasticity of demand for air travel was 3.22 before the pandemic the following is most likely now true:

1. Demand has shifted to the right, become more steeply sloped and the airlines can charge higher prices without revenue being impacted for a while.
2. Quantity demanded has shifted to the right, the demand curve has become flatter, and the airlines should lower prices into the inelastic range of the demand curve.
3. Airlines that previously would have been wise to leave prices unchanged are now smart to lower prices since demand has shifted to the left and become more flatly sloped.
4. Airlines should have lowered prices before the pandemic and should raise them dramatically at this point.
5. A and D only.

Suppose the price elasticity of demand for Valencia face-to-face and online classes is 3.83 and .72 respectively in the fall of 2021. This means Valencia should:

1. Lower tuition this fall for live classes and raise tuition for online classes.
2. Lower tuition for online and face-to-face classes.
3. Lower tuition for live classes and leave tuition unchanged for online classes.
4. Raise tuition by a small amount for live classes and substantially for online classes.

In 2020 we discovered that the price elasticity of supply for ventilators was less than one. That meant as demand increased during the pandemic, there was a(n)____________ in quantity ___________ by a ___________ amount than the price increased.

1. increase, supplied, larger
2. decrease, supplied, lower
3. decrease, supplied,larger
4. increase, demanded, lower
5. increase; supplied, lower