Consider the following demand function for airline tickets (quantities are in thousands): Q = 10-0.1px Px...
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Consider the following demand function for airline tickets (quantities are in thousands): Q = 10-0.1px Px = price of an airline ticket Q = quantity demanded According to the above equation, airline tickets and bus tickets are - goods. 0.4py +0.25p₂ +0.005Y, where Py = price of a bus ticket P₂ = price of gasoline Y = consumer income If, in equilibrium, the cross-price elasticity between airline tickets and gasoline is 2.3; when the price of the gasoline increases by 6%, the quantity demanded of airline tickets increases by (enter your response rounded to two decimal places). % Consider the following demand function for airline tickets (quantities are in thousands): Q = 10-0.1px Px = price of an airline ticket Q = quantity demanded According to the above equation, airline tickets and bus tickets are - goods. 0.4py +0.25p₂ +0.005Y, where Py = price of a bus ticket P₂ = price of gasoline Y = consumer income If, in equilibrium, the cross-price elasticity between airline tickets and gasoline is 2.3; when the price of the gasoline increases by 6%, the quantity demanded of airline tickets increases by (enter your response rounded to two decimal places). %
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