Last year the us low-cost-carrier spirit airlines entered, Business Economics

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Last year the us low-cost-carrier spirit airlines entered

Last year the US low-cost-carrier Spirit Airlines entered the Dallas-Chicago market. The average ticket price for all airlines servicing the route fell from $200 to $180. After Spirit’s entry, the number of passengers increased from 700 to 800 per day (these number are hypothetical, but reasonable). Calculate the price elasticity of demand between these two points.

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Business Economics: Last year the us low-cost-carrier spirit airlines entered

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