during spring break, students have an elasticity of demand for a trip to cancun, mexico of -4. how much should an airline charge students for a ticket if the price it charges the general public is $420? assume the general public has an elasticity of -2.

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27-10-2022
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during spring break, students have an elasticity of demand for a trip to cancun, mexico of -4. how much should an airline charge students for a ticket if the price it charges the general public is $420? assume the general public has an elasticity of -2.

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Qwclear Qwclear · Answer 1 · 2022-11-06T10:10:50-05:00

The airline should charge $210 from students for a ticket if the price charged to the general public is $420.

Elasticity of demand is the ratio of percentage change in quantity demand upon general public elasticity. The amount charged by the airline to the student will be

=420/2

=210$

The elasticity of demand is incredibly influenced by the customer’s reason for traveling. Carrier clients ordinarily fly for commerce or delight. With the wave of innovation, an expansive rate of trade travel has been killed to moderate investing. Customers do react to a alter in one of the variables influencing request, other factors remaining unaltered. The flexibility of request measures the responsiveness of the showcase request for a commodity to a alter in one of the factors influencing demand. The concept of flexibility is greatly valuable in any commerce circumstance. It is regularly made utilized by showcasing directors to set the costs of different products and services. There are two other concepts of versatility, viz., showcase share flexibility and limited time versatility. The previous measures the responsiveness of the rate share one firm has of the showcase, to changes within the proportion of its costs to industry costs.

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