d. root beer or water 2. Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: Quantity Demanded Quantity Demanded (vacationers) Price (business travelers) 2,100 tickets 2,000 1,900 1,800 $150 1,000 tickets 6. 200 250 300 800 600 400 a. As the price of tickets rises from $200 to $250, what is the price elasticity of demand for (i) business travelers and (i) vacationers? (Use the midpoint method in your calculations.) b. Why might vacationers have a different elasticity from business travelers? 3. Suppose the price elasticity of demand for heating oil is 0.2 in the short run and 0.7 in the long run. a. If the price of heating oil rises from $1.80 to $2.20 per gallon, what happens to the quantity of heating oil demanded in the short run? In the long run? (Use the midpoint method in your calculations.)