Compute the Consumer Surplus for vacationers when the price

Suppose that business travelers and vacationers have the following demand for airline tickets from N Show more Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: Price Quantity Demanded (business travelers) Quantity Demanded (vacationers) $150 2100 tickets 1000 tickets 200 2000 800 250 1900 600 300 1800 400 1-Assume the demand curve is a straight line. 2-Draw the demand curve for business travelers. 3-Compute the Consumer Surplus for business travelers when the price is $200. 4-As the price of tickets rises from $200 to $250 what is the price elasticity of demand for business travelers? 5-Compute the Consumer Surplus for business travelers when the price is $250. 6-Draw the demand curve for vacationers 7-Compute the Consumer Surplus for vacationers when the price is $200. 8-As the price of tickets rises from $200 to $250 what is the price elasticity of demand for vacationers? 9-Compute the Consumer Surplus for vacationers when the price is $250. 10-Why might vacationers have a different elasticity than business travelers? 11-Who was hurt more by the price change? Show less


 

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