ECONOMICS (CBSE/UGC NET)

ECONOMICS

ELASTICITY OF DEMAND

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A week’s holiday to New York
A
Normal Good
B
Inferior Good
C
Luxury Good
D
None of the above
Explanation: 

Detailed explanation-1: -The average price of a 7-day trip to New York is $2, 057 for a solo traveler, $3, 694 for a couple, and $6, 926 for a family of 4. New York hotels range from $74 to $506 per night with an average of $196, while most vacation rentals will cost $250 to $610 per night for the entire home.

Detailed explanation-2: -But since time and budget are usually not infinite, I recommend that you visit New York for at least 5 to 7 days, especially if it’s your first time. With less days, you will miss a lot of things and you will be more stressed. You will have the feeling that the trip is too short.

Detailed explanation-3: -You should plan to spend around $253 per day on your vacation in New York City, which is the average daily price based on the expenses of other visitors. Past travelers have spent, on average, $40 on meals for one day and $39 on local transportation. Also, the average hotel price in New York City for a couple is $264.

Detailed explanation-4: -Your best bet is to make the most out of the 7 or so days you have there, knowing you’ll come back again in the future and work on your next ‘must-see and do’ list while you’re there. If it is your first visit to New York and it’s a place that’s really special to you, I’d recommend spending longer than 7 days.

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