The following table contains the prices for roundtrip tickets from BUR to DEN on Southwest Airlines and United Airlines. It also contains the total number of seats filled by airline. Use the following table to answer Questions 18 and 19. United Airlines Southwest Seats United Airlines Southwest Price Price Filled Seats Filled December $215 $263 240 220 March $274 $372 348 340 18. Calculate the arc price-elasticity of demand for a round-trip ticket on Southwest Airlines, and correctly identify the meaning of the value you obtain. (a) 1.5; The price elasticity of demand for these tickets from SA is elastic. (b) -1.5; The price elasticity of demand for these tickets from SA is inelastic. (c) 0.8; The price elasticity of demand for these tickets from SA is elastic. (d) -0.8; The price elasticity of demand for these tickets from SA is inelastic. 19. Calculate the arc cross-price elasticity of demand for round-trip tickets on Southwest Airlines with respect to United Airlines prices, and correctly identify the meaning of the value you obtain. (a) -1.8; Tickets from these airlines are complements. (b) 1.1; Tickets from these airlines are substitutes. (c) 1.8; Tickets from these airlines are normal goods. (d) -1.1; Tickets from these airlines are inferior goods. 20. Of the following, which is not an element of the price elasticity of demand for a good or service? (a) The number and similarity of substitutes available for the good or service. (b) The amount of time the consumer has to adjust to a price change. (c) The proportion of the consumer's budget consumed by the good or service. (d) The the number and similarity of complements available for the good or service. 21. Which of the following properties is not assumed to hold for a typical consumer's preferences? (a) Nonsatiation (b) Neutrality (c) Transitivity (d) Completeness