Suppose that business travelers and tourists have the following demand for airline tickets from Lahore to Karachi.
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Question:
Suppose that business travelers and tourists have the following demand for airline
tickets from Lahore to Karachi.
price Quantity demanded
(business travelers)
Quantity demanded
(tourists)
$150 2100 1000
200 2000 800
250 1900 600
300 1800 400
As the price of ticket rises from $200 to $300, what is the price elasticity of demand for
(i) Business travelers
(ii) Tourists
(Use the midpoint method in your calculations.)
Expert Answer:
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