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QUESTION

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

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

  1. The virtual reality technology becomes more inexpensive and popular in business online conferences.
  2. Reduced corporate earnings lead to cuts in travel budgets and increase the share of expenditures on corporate jet travel.
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