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Travel Industry and Chinese Economic Downturn
In 2015, the weakening Chinese economy was expected not to have a significant effect on travel, but was to change the destinations of the Chinese travelers. Long-haul destinations such as Europe and North America suffered from decreased Chinese arrivals, while nearby destinations like Japan, South Korea, and Thailand benefited from an increase in Chinese tourists.
a. What does this news clip imply about the income elasticity of demand for travel in general, and for long- and short-haul destinations in particular?
b. Would the income elasticity of demand for long-haul travel be greater or less than 1? What about short-haul travel? Explain.
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