Geoff Riley has this interesting article on price cutting by airlines hard hit by the recession
http://www.tutor2u.net/blog/index.php/economics/comments/premum-flyers-go-awol/
a) Identify 3 economic reasons why demand for these flights may have fallen (Remember they are business flights mainly)
b) On the basis of the article, do you think the airlines believe demand for these flights is price elastic or inelastic? Explain your answer
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