3. Suppose that business travelers and vacationers have the following demand for airline tickets from Dhaka to Chattogram: 2100 Price (US$) Quantity Demanded (QB) Business Travelers (Tickets) 150 200 250 300 1800 a. 2000 Quantity Demanded (Q) Travelers (Tickets) 1000 IT T 1900 800 600 400 As the price of tickets rises from $200 to $250, what is the price elasticity of demand for (Use the midpoint method in your calculations): i. business travelers and ii. vacationers? b. Why might vacationers have a different elasticity from business travelers?

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