Suppose that business travelers and vacationers havethe following demand for airline tickets from Chicagoto Miami:PriceQuantity Demanded(business travelers)Quantity Demanded(vacationers)$150 2,100 tickets 1,000 tickets200 2,000 800250 1,900 600300 1,800 400a. As the price of tickets rises from $200 to $250,what is the price elasticity of demand for(i) business travelers and (ii) vacationers?(Use the midpoint method in your calculations.)b. Why might vacationers and business travelershave different elasticities?

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