economics

11. Arnie has a job that requires her to travel three out of every four weeks. She has an annual travel budget and can travel either by train or by plane. The airline on which she typically ies has a frequent- traveler program that reduces the cost of her tickets according to the number of miles she has own in a given year. When she reaches 25,000 miles, the airline will reduce the price of her tickets by 25 percent for the remainder of the year. When she reaches 50,000 miles, the airline will reduce the price by 50 percent for the remainder of the year. Graph Anne's budget line, with train miles on the vertical axis and plane miles on the horizontal axis. 2.1. Explain the dii'Ference between each 0F tine Following terms: a. a price consumption curve and a demand curve (9. an individual demand carve and a market demand carve c. an Engei curve and a demand curve H an income eFFect and a Substitution eFFect 30. Explain which of the Following items in each pafr is more price elastic. a. The demand For a specific brand 0F toothpaste and the demand For toothpaste in general (a. The demand For gasoline in the short run and the demand For gasoline in the long ran