1.14. Suppose average movie ticket prices are $8.50 and attendance is 1.2 billion. The price of tickets...

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1.14. Suppose average movie ticket prices are $8.50 and attendance is 1.2 billion. The price of tickets rises to

$9.50 and attendance rises to 1.4 billion. (LO6-3)

a. What happened to total revenue?

b. If you were to estimate elasticity from these figures, what would your estimate be?

c. What provisos would you offer about your estimate of elasticity?

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Economics

ISBN: 9781259193156

10th Edition

Authors: David Colander

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Question Posted: Oct 16, 2024 02:01 AM

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1.14. Suppose average movie ticket prices are $8.50 and attendance is 1.2 billion. The price of tickets rises to $9.50 and attendance rises to 1.4 billion. (LO6-3) a. What happened to total revenue?...
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1.14. Suppose average movie ticket prices are $8.50 and attendance is 1.2 billion. The price of tickets...

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Economics

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