Task 3 Suppose that business travellers and holiday-makers have the following demand schedules for air tickets for travel from Melbourne to Sydney: Quantity Demanded Quantity Demanded (Business travelers) (Holiday makers) a) Suppose the price increases from $200 to $300. What is the (arc) own-price elasticity of demand for: (i) business travelers; and (ii) holiday makers? b) Why might holiday makers have a different own-price elasticity of demand to business travelers