The price elasticity of demand for corporate-owned jets

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1. What effect, if any, does each of the following events have on the price elasticity of demand for corporate-owned jets?

The cost of manufacturing corporate jets rises.

Reduced corporate earnings lead to cuts in travel budgets and increase the share of expenditures on corporate jet travel.

2. 3-D movies have been popular and charged at a higher price, compared with the traditional 2-D movies. Please analyze the impact of 3-D movies (in the language of economics) on

The price elasticity of demand on 2-D movies

The total revenue of movie theater box offices

Please answer all of the two questions by one paragraph for each sub-question.

Reference no: EM132180941

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