Tim makes twice as much money as his brother Andrew, but they equally like to go to baseball games. Suppose the ticket price of MLB games rises from $50 to $100, and Tim decreases the number of games he attends by 20%. Andrew is more responsive to the price change of tickets because they take up a larger portion of his income. Andrew's price elasticity of demand for MLB games must be less than ___.

Tim makes twice as much money as his brother Andrew, but they equally like to go to baseball games. Suppose the ticket price of MLB games rises from $50 to $100, and Tim decreases the number of games he attends by 20%. Andrew is more responsive to the price change of tickets because they take up a larger portion of his income. Andrew's price elasticity of demand for MLB games must be less than ___.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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