What is price elasticity of demand when price increase from $3 to $4 and Qd decrease from 90 cups to 70 cups as the price of tickets rise from $200 To $250, what is the price elasticity of demand for a) business travelers and b) vacationers? use midpoint method to calculate. Why might vacationers have a different elasticity from business travelers?
How can sellers utilize the price elasticity of demand for maximum total revenue?