Answer with solution. Using this pormulaçalo AQd Suppose that business travelers and vacationers have %% AP the pollowing demand York to boston. for airline ticckets prom New price | Quantity demandeA Quantity demanded tousiness travelers 1 100 tick ptS (vacationers) 1,000 tickets

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A: Elasticity refers to the change in one variable due to the change in other variable. The price…

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A: “Since you have posted multiple questions, we will provide the solutiononly to the first question as…

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A: Price of elasticity of demand as given in question refers to the responsiveness of demand to change…

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A: Answer to the question is as follows:

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A: Given: QInitial = 200 QNew = 250 PInitial = $4 PNew = $3

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Q: 5.

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A: In economics, elasticity refers to the general measurement that is used to show the connection…