If the elasticity of demand for spring break packages to Cancun is -5 and if you...
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If the elasticity of demand for spring break packages to Cancun is -5 and if you notice that this year in Cancun the quantity of packages demanded increased by 10% then what happened to the price of Cancun vacation packages? A. The price fell by 10% B. The price fell by 2% C. The price rose by 10% D. The price rose by 2% If the elasticity of demand for spring break packages to Cancun is -5 and if you notice that this year in Cancun the quantity of packages demanded increased by 10% then what happened to the price of Cancun vacation packages? A. The price fell by 10% B. The price fell by 2% C. The price rose by 10% D. The price rose by 2%
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