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Description The output of this assignment is to be uploaded you are encouraged to exercise creativity in presenting your answers. Suppose that business travelers and

Description The output of this assignment is to be uploaded you are encouraged to exercise creativity in presenting your answers. Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: Price Quantity Demanded (vacationers) Quantity Demanded (business travelers) 2,100 tickets 2,000 1,900 1800 $150 200 250 300 1,000 tickets 800 600 400 a. As the price of the ticket rises from $200 to $250, what is the price elasticity of demand for (1) business travelers (2) vacationers? b. explain why might vacationers have a different elasticity from business travelers

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