Suppose that vacationers have the following demand for airline tickets from Toronto to Montreal: 10. Price $150 Quantity demanded 1000 tickets 200 800 250 600 300 400 As the price of tickets rises from $200 to $250, what is the price elasticity of demand for vacationers? Use the midpoint method. Show work.
Suppose that vacationers have the following demand for airline tickets from Toronto to Montreal: 10. Price $150 Quantity demanded 1000 tickets 200 800 250 600 300 400 As the price of tickets rises from $200 to $250, what is the price elasticity of demand for vacationers? Use the midpoint method. Show work.
Micro Economics For Today
10th Edition
ISBN:9781337613064
Author:Tucker, Irvin B.
Publisher:Tucker, Irvin B.
Chapter5: Price Elasticity Of Demand And Supply
Section: Chapter Questions
Problem 4SQP
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Transcribed Image Text:10.
Suppose that vacationers have the following demand for airline tickets from Toronto to Montreal:
Quantity demanded
1000 tickets
Price
$150
200
800
250
600
300
400
As the price of tickets rises from $200 to $250, what is the price elasticity of demand for vacationers?
Use the midpoint method. Show work.
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