(Answered) On some airlines flights leaving florida immediately prior

Management Studies

On some airlines, flights leaving Florida immediately prior to Hurricane Irma making landfall spiked in price to over $3000 giving rise to complaints of "price gouging." Using the same critical thinking presented in Week 4 Recitation, what is "price gouging?" What are the supply and/or demand changes that caused this high price? Why would the short-run price elasticity be lower than the long-run price elasticity of demand for flights in this case? Is price gouging fair?

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Business Management, Management Studies

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