Your younger brother needs $600 to buy a new computer. He has opened a sandwich stand to make the money he needs. Your father is paying for all of the ingredients. He currently is charging $2 per sandwich, but he wants to adjust his price to earn the $600 faster. If you know that the demand for sandwich is elastic, what is your advice to him? Explain.
With lower fuel costs, an airline lowered its average traveling cost from $1.50 to $1 per passenger mile and the number of passenger miles increased from 400 passenger a day to 600 passenger a day. What is the price elasticity of demand for air travel over this price range? Explain your result and also describe the demand for air travel (is elastic or inelastic).
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