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Classify the following goods in terms of their own-price elasticity: (elastic, inelastic, unit-elastic, perfectly elastic, perfectly inelastic) (a) Emergency Air Travel = 0.1. (b) Recreational

Classify the following goods in terms of their own-price elasticity: (elastic, inelastic, unit-elastic, perfectly elastic, perfectly inelastic) (a) Emergency Air Travel = 0.1. (b) Recreational Air Travel = 2.4. (c) Movies = .9.Draw two demand curves, label the more inelastic curve DI and label the more elastic curve DE

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