Answer:
9.4%
Explanation:
Kps = Dps/Pps x Dps = $100 x 8% = $8, Kps = 8/85 = 9.4%
Answer:A
Explanation:
Persuading is a way to attracter customers
The reason that the elasticity of demand is 0.62 for business and 0.12 for economy is because the economy class is more elastic than that of the business.
When the flight ticket of those flying business class is raised, they would not be affected much because they are rich and can afford it. They do not care much about the raise in price.
For the average flyer using the economy flight, raising the price of the ticket would affect him and he may end up reducing his demand for it.
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Economic profits that are present in the short run.