Answer to Question #330299 in Management for ANJU

Question

3.a. From the given Demand Schedule for air tickets, calculate elasticity of demand. (5 Marks) Price of Air Ticket (Per Ticket) |Quantity Demanded (Tickets per month) |

1,00,000 5,000

1,20,000 3,500

3.b. Elaborate the term Elasticity of Supply and explain any three factors that determines elasticity of supply