Is this product a normal good or an inferior good based on your calculation?
Price Show more Suppose that business travelers and vacationers have the following demand for airline tickets Price Qty. Demanded (business travelers) Qty. Demanded (vacationers) price Tickets Demanded (buiseness travelers) Tickets Demanded (Vacation travelers) 150 2100 1000 200 2000 800 250 1900 600 300 1800 400 1A. As the price of tickets rise from $200 to $250 what is the price elasticity of demand for Business Travelers. Is demand elastic or inelastic? Show your work Illustrate the demand curves on the graph. 1B. As the price of tickets rise from $200 to $250 what is the price elasticity of demand for Vacationers. Is demand elastic or inelastic? Show your work! 1C. Why might vacationers have a different elasticity than business travelers? Suppose that your demand schedule for compact disks is as follows: price quantity of demanded if income = 10000 quantity of demanded if income = 12000 8 40 50 10 32 40 12 24 30 14 16 20 16 8 12 2A. What is the numerical income elasticity of demand as your income increases from $10000 to $12000 if the price of the CDs is $12*. Is this product a normal good or an inferior good based on your calculation? Show your work! 2B. What is the numerical income elasticity of demand as your income increases from $10000 to $12000 if the price of the CDs is $16*. Is this product a normal good or an inferior good based on your calculation? Show your work! Show less
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