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A local airline charges $500 to fly (round-trip) to Louisville, Kentucky. From the past three months, whereas the $500 fare has been in effect every of the two daily flights have averaged 10 passengers.  During last summer, the carrier ran a sale and charged $300 for a round-trip to Louisville; during the six weeks of the sale, the airline averaged 20 passengers per flight.  Calculate coefficient of price elasticity?

 

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M9538717

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