Consider airfares on flights between new york and minneapolis. when the airfare is $250, the quantity demanded of tickets is 2,000 per week. when the airfare is $280, the quantity demanded of tickets is 1,700 per week. using the midpoint method, a the price elasticity of demand is about 0.70 and an increase in the airfare will cause airlines' total revenue to decrease. b the price elasticity of demand is about 1.43 and an increase in the airfare will cause airlines' total revenue to increase. c the price elasticity of demand is about 1.43 and an increase in the airfare will cause airlines' total revenue to decrease. d the price elasticity of demand is about 0.70 and an increase in the airfare will cause airlines' total revenue to increase.
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Consider airfares on flights between new york and minneapolis. when the airfare is $250, the quantit...
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