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The general public's demand for flights to Florida has an elasticity of -2 all year round. A monopolistic airline has been optimally charging everyone $360 for a round trip. Next, the airline finds out that during spring break, the price elasticity of students' demand for flights to Florida is -3. Assuming the airline can vary the number of daily flights, what should it do to increase its profit?
a. The airline should give students a price discount.
b. the airline should charge students a higher price.
c. The airline should reduce its price for everybody.
d. The airline should charge students the same price as it charges everyone else, $360. why?
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