Question
If a price increase from $3,000 per ticket to $3,250 leads to a drop in demand for airline tickets from 1,200 to 700, then the
If a price increase from $3,000 per ticket to $3,250 leads to a drop in demand for airline tickets from 1,200 to 700, then the price elasticity of demand for tickets is
Select one:
0.15 and demand is elastic
6.58 and demand is inelastic
6.58 and demand is elastic
0.15 and demand is inelastic
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Managerial Economics Foundations of Business Analysis and Strategy
Authors: Christopher Thomas, S. Charles Maurice
12th edition
1260004759, 9781260004755, 78021715, 78021718, 78021901, 978-0078021909
