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.
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
determine if demand for this good is elastic, inelastic, or unitary elastic.
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