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1. Suppose that Wittenberg University lowers the price of basketball tickets from $5 per game to $3 per game and attendance increases from 2,000 to
1. Suppose that Wittenberg University lowers the price of basketball tickets from $5 per game to $3 per game and attendance increases from 2,000 to 5,000. Calculate and interpret the price elasticity of demand for basketball tickets. Calculate the change in total revenue. Was the price cut a good idea from th perspective of the Wittenberg University Business Office? Explain
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Microeconomics
Authors: David Besanko, Ronald Braeutigam
5th edition
1118572270, 978-1118799062, 1118799062, 978-1118572276
