The following table presents data from a tourism operator on the average price of ocean cruise travel for one week and the number of ocean cruise passengers in 2018 and 2019 a Calculate the price elasticity of the demand for ocean cruise travel Use the midpoint formula for your calculation b Calcul...

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The following table presents data from a tourism operator on the average price of ocean cruise travel

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The following table presents data from a tourism operator on the average price of ocean cruise travel for one week and the number of ocean cruise passengers in 2018 and 2019.

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a. Calculate the price elasticity of the demand for ocean cruise travel. Use the midpoint formula for your calculation.

b. Calculate the change in quantity demanded in millions of cruises divided by the change in price.

c. Compare the values obtained in parts (a) and (b). What do you notice?

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Economics

ISBN: 9781292430645

8th Global Edition

Authors: R. Glenn Hubbard, Anthony P. O'Brien

Question Posted: Mar 05, 2024 05:00 AM

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The following table presents data from a tourism operator on the average price of ocean cruise travel

Question:

Year 2018 2019 Price (USD) 1,000 1,500 Quantity (Number of Passengers) 28.5 million 29.7 million

Step by Step Answer:

Economics

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