At the present level of consumption, 4,000 movie tickets, and at the current price, $10 per ticket,
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At the present level of consumption, 4,000 movie tickets, and at the current price, $10 per ticket, the price elasticity of demand for movie tickets is 1. Using the midpoint method, calculate the percentage by which the owners of movie theaters must reduce price in order to sell 5,000 tickets.
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