The table below shows two demand schedules, 2002 and 2006, and one supply schedule. Represent both demand curves and explain why one demand schedule differs from the other (use a graph).  

MICROECONOMICS         
Task brief
The table below shows two demand schedules, 2002 and 2006, and one supply schedule.

  1. Represent both demand curves and explain why one demand schedule differs from the other (use a graph).
  2. Represent the supply curve and explain why is upward / downward.
  3. Represent the equilibrium point E and explain why you chose that point.

 5. Suppose that business travelers and vacationers have the following demand for airline tickets from New York to Boston:
                                                Quantity Demanded                                       Quantity Demanded
Price                                      (business travelers)                                        (vacationers)
150                                                        2,100 tickets                                       1,000 tickets
200                                                        2,000                                                     800
250                                                        1,900                                                     600
300                                                        1,800                                                     400

As the price of tickets rises from 200 to 250, what is the price elasticity of demand for (i) business travelers and (ii) vacationers? (Use the midpoint method in your calculations.) Explain the difference.
  

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