Airline Ticket Prices Airline fares for domestic flights ros…

Airline Ticket Prices Airline fares for domestic flights rose from $250 to $300 after fuel costs increased. Passenger bookings decreased from 40,000 to 36,000 in one month.Calculate the price elasticity of demand using the arc method and classify it. A. 1.11 (Elastic)B. 0.50 (Inelastic)C. 1.00 (Unit Elastic)D. 0.25 (Perfectly Inelastic)