7. EXERCISE 4.1 What is the elasticity of demand for season ski passes? When the price of...

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7. EXERCISE 4.1 What is the elasticity of demand for season ski passes?

When the price of a season ski pass is $400, buyers wish to purchase 10,000 passes per year, but when price falls to $380, the quantity demanded rises to 12,000 passes per year. At the original price, what is the price elasticity of demand for ski passes? Is the demand for ski passes elastic with respect to price?

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Principles Of Microeconomics

ISBN: 9780073362663

4th Edition

Authors: Robert H. Frank, Ben S. Bernanke

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