"Martha indicates that she only flies home to visit her family once a year, because the price of a round-trip ticket to fly home is $1,500. She also indicates that if the price of the round-trip ticket were $800, she would fly home twice a year." What is the microeconomics in what Martha said?

Answer rating: 100% (QA)

Marthas statements provide insights into the microeconomics of consumer behavior particularly regarding the concept of elasticity of demand 1 Price El... View the full answer