2. Problems and Applications Q2 Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: Price Quantity Demanded by Business Travelers Quantity Demanded by Vacationers (Dollars) (Tickets) 150 2,100 200 2,000 250 1,9 300 1,800 (Tickets) 1,000 800 600 400 As the price of tickets rises from $200 to $250, the price elasticity of demand for business travelers is for vacationers is using the midpoint method. Therefore, the demand for airline tickets in this price range is vacationers because business travelers are sensitive to changes in price. and the price elasticity of demand elastic for

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Elasticity of Demand and Supply

The elasticity of demand and supply are two important concepts of microeconomics. The elasticity of demand measures the responsiveness of consumers’ demands to the price change, changes in income of consumers, and changes in the price of the related goods. Similarly, the elasticity of supply refers to the proportionate change in the quantity supplied due to the proportionate change in the price. In other words, it can be said that elasticity of supply measures how the quantity of supply changes when the price changes of that particular product.