Consider the following demand function for airline tickets (quantities are in thousands):
Q = 10 - 0.1px + 0.4py + 0.25pz + 0.005Y, where:
px= price of an airline ticket
Q= quantity demanded
py= price of a bus ticket
pz= price of gasoline
Y= consumer income
* According to the above equation, airline tickets and bus tickets are substitute goods
If in equilibrium, the cross-price elasticity between airline tickets and gasoline is 1.1;
when the price of the gasoline increases by 2%, the quantity demanded of airline tickets increases by %?
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Consider the following demand function for airline tickets (quantities are in thousands):
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