Price (dollars per ticket) Quantity demanded business travel

Price (dollars per ticket) Quantity demanded business travelers (tickets per week) Quantity dema...
Price
(dollars per ticket)
Quantity demanded business travelers
(tickets per week)
Quantity demanded leisure travelers
(tickets per week)
0
1,800
1,600
100
1,600
1,200
200
1,400
800
300
1,200
400
400
1,000
0
500
800
0
Suppose that business travelers and leisure travelers have the demand schedules for airline tickets from Atlanta to Philadelphia given in the table above.
Draw both demand curves.
(5 marks)
As the price of tickets rises from $200 to $300,what is the price elasticity of business travelers' demand?What is the price elasticity of leisure travelers' demand?(Use the midpoint method in your calculation