Final answer:
Without specific data on the initial and final quantities demanded by business travelers and vacationers, it is not possible to calculate the price elasticity of demand for airline tickets when the price increases from $200 to $250.
Step-by-step explanation:
The main answer concerning the price elasticity of demand for airline tickets among business travelers and vacationers is that elasticity measures how sensitive the quantity demanded is to a change in price. If the price elasticity of demand is greater than 1, demand is considered elastic, meaning quantity demanded changes significantly with price changes. Conversely, if it is less than 1, demand is inelastic, indicating that quantity demanded is relatively stable even when prices change.To calculate the price elasticity of demand, you need to know the percentage change in quantity demanded and the percentage change in price. However, the example question did not provide enough information to calculate the elasticities for business travelers and vacationers correctly. Additional data about the initial and final quantities demanded is essential for this calculation.In conclusion, without the data on quantities demanded, we cannot determine the price elasticity of demand for business travelers and vacationers when the ticket price rises from $200 to $250.