Question
With higher fuel costs, airlines raised their average fare from 75 to $1.25 per passenger mile and the number of passenger miles decreased from 2.5
With higher fuel costs, airlines raised their average fare from 75 to $1.25 per passenger mile and the number of passenger miles decreased from 2.5 million a day to 1.5 million a day.
a. What is the price elasticity of demand for air travel over this price range?
b. Describe the demand for air travel.
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Why Nations Fail The Origins Of Power, Prosperity, And Poverty
Authors: Daron Acemoglu, James Robinson
1st Edition
0307719227, 9780307719225
