Find percentage change in leisure passengers expected
An airline consulting firm as determined that the income elasticity for leisure air travel in China is 1.5. If incomes increase by 5% next year, what is the percentage change in leisure passengers expected next year? Show the computation.
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If incomes increase by 5% next year, find percentage change in leisure passengers expected next year? Illustrate computation.
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The number of passengers increased from 700 to 800 per day (these number are hypothetical, but reasonable). Compute price elasticity of demand between these two points. Illustrate computation.
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