What do you understand by the own-price elasticity of demand for a good

What do you understand by the own- footing elasticity of subscribe to for a bang-up?1. (a) What do you understand by the own-price elasticity of demand for a sincere? (b) Will a linear (straight line) demand curve have a constant own-price elasticity of demand? Explain your answer.(c) Following the terrorists attacks in the USA on 11 September, there was a marked fall in business travel. In respomse, many hotels cut their prices to business travellers for example the Hyatt Hotel group offered discounts of up to 50 per cent off regular room rates. Under what circumstances would this lead to increased revenue for these hotels?Before we define the meaning of the own-price elasticity for a good wemust understand elasticity and its concept in general. Elasticity isbasically a comparison between the sizes of change in the quantitydemanded, in the depicted object of the own-price elasticity, of a certain goodand in the variable that caused this change. According to Mankiwelasticityis a measure of the responsiveness of quantity demanded or quantitysupplied to one of its determinants. The law of demand implies that anincrease in a price of a good will subsequently lead to a fall in thequantity demanded for that good. The formulae which calculates thisamount is the particle of the percentage of change in quantitydemanded by the percentage of change in price. The sign of priceelasticity of demand, and elasticity as well, is always press release to benegative due to the fact that quantity and price demanded are usuallyin opposite directions. Elasticity is going to be negative as wellsince neither the percentage change in price nor the the percentagechange in quantity ar... ...sequent repurcusion this had in economyas a unhurt brought a downfall in business travelling. The hotels inorder to manage this crisis effectively reduced their prices andoffered discounts in order to increase the quantity of customersvisiting the m. If we get wind the law of demand in this case, hotelreservations should increase in this period as well as the addrevenue of the business but this would happen when the priceelasticity of demand is elastic. This happens when the percentagechange in quantity is larger than the percentage change in price.Concluding, we would easily say that it is assume that the hotelswould increase their total revenue with discounts and better pricesbut this is not always the case. There are other factors influencingcustomer behaviour after these terrorist attacks that would not beeasily predicted or affluenced.