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Textbooks / Business / Principles of Economics 6 / Chapter 5 / Problem Problems and Applications 5.2

Suppose that business travelers and vacationers have the following demand for airline

Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw ISBN: 9780538453059 472

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Principles of Economics | 6th Edition

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Principles of Economics | 6th Edition | ISBN: 9780538453059 | Authors: N. Gregory Mankiw

Principles of Economics | 6th Edition

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Problem Problems and Applications 5.2

Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston: Quantity Demanded Quantity Demanded Price (business travelers) (vacationers) $150 2,100 tickets 1,000 tickets 200 2,000 800 250 1,900 600 300 1,800 400 a. As the price of tickets rises from $200 to $250, what is the price elasticity of demand for (i) business travelers and (ii) vacationers? (Use the midpoint method in your calculations.) b. Why might vacationers have a different elasticity from business travelers?

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The US Congress passed the Civil Rights Act of 1964 (cannot make employment decisions on the basis of sex, race, color, religion or national origin), the Equal Pay Act (men and women must be paid the same when they perform equal or highly similar work), the Age Discrimination in Employment Act (cannot discriminate against people 40 and over), and the Americans with Disabilities Act (cannot deny employment to someone on the basis of their disabilities). Before 1964, disadvantaged groups covered under these laws were denied employment and other economic benefits such as pay, training, and promotion because of their personal characteristics —regardless of their qualifications (KSAs). Together, these laws dictate that an employer cannot deny someone employment or make an employment-related de

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Textbook: Principles of Economics
Edition: 6
Author: N. Gregory Mankiw
ISBN: 9780538453059

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Suppose that business travelers and vacationers have the following demand for airline