Exercise: elasticity of demand DestinationIncome ElasticityPrice elasticityFR2.817-1.163EL1.834-1.959IT1.935-1.184PT1.779-0.161ES2.220-1.230 Consider these data for tourists from the UK to various destinationsClassify income elasticity as inferior/normalClassify price elasticity as elastic/inelastic Income elasticity most countries are elasticComment on these findings 4.What implications do these figures have for policy makers and tourist organizations in the destination countries? 5.Devise a method of estimating price and income elasticity of demand for cinema attendance, explain any problems foreseen.

The study of both income elasticity and price elasticity of demand in the tourism industry gives a…

Answered: Exercise: elasticity of demand…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Exercise: elasticity of demand

Destination	Income Elasticity	Price elasticity
FR	2.817	-1.163
EL	1.834	-1.959
IT	1.935	-1.184
PT	1.779	-0.161
ES	2.220	-1.230

Consider these data for tourists from the UK to various destinations

Classify income elasticity as inferior/normal
Classify price elasticity as elastic/inelastic Income elasticity most countries are elastic
Comment on these findings

4.What implications do these figures have for policy makers and tourist organizations in the destination countries?

5.Devise a method of estimating price and income elasticity of demand for cinema attendance, explain any problems foreseen.

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