Problem
With higher fuel costs, airlines raised their average fare from 75¢ to $1.25 per passenger kilometre and the number of passenger kilometres decreased from 2.5 million a day to 1.5 million a day.
a. What is the price elasticity of demand for air travel over this price range?
b. Describe the demand for air travel.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.