Consider these elasticities of demand of tourists in Austria Destination Income Elasticity Price elasticity Austria -0.1 -1 Italy 0.8 -1.5 Cuba 2 -2 Kazakhstan 0 0 Classify elasticity inferior\normal, and price elasticity elastic\inelastic. What could be plausible explanations for these numbers and what implications have for policy makers and tourists organizations in the destination countries?
Consider these elasticities of demand of tourists in Austria Destination Income Elasticity Price elasticity Austria -0.1 -1 Italy 0.8 -1.5 Cuba 2 -2 Kazakhstan 0 0 Classify elasticity inferior\normal, and price elasticity elastic\inelastic. What could be plausible explanations for these numbers and what implications have for policy makers and tourists organizations in the destination countries?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
14.Consider these
|
Destination |
Income Elasticity |
|
|
Austria |
-0.1 |
-1 |
|
Italy |
0.8 |
-1.5 |
|
Cuba |
2 |
-2 |
|
Kazakhstan |
0 |
0 |
Classify elasticity inferior\normal, and price elasticity elastic\inelastic.
What could be plausible explanations for these numbers and what implications have for policy makers and tourists organizations in the destination countries?
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