schedules for Houston–Las Vegas airplane tickets. The center column shows the demand schedule of passengers on business trips, and the right column shows the demand schedule of passengers on vacation trips. Price ($ per ticket) Quantity demanded for business trips (thousands of tickets per year) Quantity demanded for vacation trips (thousands of tickets per year) $281 363 778 $291 359 669 $301 355 467 Suppose that the price charged by airlines is currently $291291. If airlines want to increase their revenue, what would be their best option?
schedules for Houston–Las Vegas airplane tickets. The center column shows the demand schedule of passengers on business trips, and the right column shows the demand schedule of passengers on vacation trips. Price ($ per ticket) Quantity demanded for business trips (thousands of tickets per year) Quantity demanded for vacation trips (thousands of tickets per year) $281 363 778 $291 359 669 $301 355 467 Suppose that the price charged by airlines is currently $291291. If airlines want to increase their revenue, what would be their best option?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The table below shows the
Quantity demanded for business trips (thousands of tickets per year) | Quantity demanded for vacation trips (thousands of tickets per year) | |
---|---|---|
$281 | 363 | 778 |
$291 | 359 | 669 |
$301 | 355 | 467 |
Suppose that the price charged by airlines is currently $291291.
If airlines want to increase their revenue, what would be their best option?
to charge $301 to vacationers and $281 to business travelers.
to charge $291 to both vacationers and business travelers.
to charge $281 to vacationers and $301 to business travelers.
to charge $301 to both vacationers and business travelers.
to charge $281 to both vacationers and business travelers.
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