give answer with 2 minutes

1. Suppose that business travelers and vacationers have the following demand for airline tickets from Toronto to Vancouver: (20 marks) Price Quantity Demanded Quantity Demanded (business travelers) (Vacationers) I $ 150 5000 tickets 4,000 tickets $ 200 4,500 2500 $ 250 4,000 1500 $ 300 3,500 1000 a. As the price of tickets rises from $150 to $200, what is the price elasticity of demand for: Business travelers Answer: change in price = 200-150 x 100/200 = Vacationers Answer: b. Which traveler has elastic demand? Answer: c. Why vacationers have a different elasticity from business travelers