Suppose the local semi-pro baseball team raises the price of their tickets from $15 to $25. Having done so, ticket sales fell from 6,000 to 4,000. Calculate the own price elasticity of demand and determine if demand for this good is elastic, inelastic, or unitary elastic

Suppose the local semi-pro baseball team raises the price of their tickets from $15 to $25. Having done so, ticket sales fell from 6,000 to 4,000. Calculate the own price elasticity of demand and determine if demand for this good is elastic, inelastic, or unitary elastic

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter5: Price Elasticity Of Demand And Supply

Section: Chapter Questions

Problem 5SQP: Suppose a university raises its tuition from 3,000 to 3,500. As a result, student enrollment falls...

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Suppose the local semi-pro baseball team raises the price of their tickets from $15 to $25. Having
done so, ticket sales fell from 6,000 to 4,000. Calculate the own price elasticity of demand and
determine if demand for this good is elastic, inelastic, or unitary elastic.

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