Question
1. The quantity demanded of Sharks tickets at $25 is 3500. An increase in price of $3 results in a decrease in the quantity demanded
1.The quantity demanded of Sharks tickets at $25 is 3500. An increase in price of $3 results in a decrease in the quantity demanded of tickets by 600 tickets. With this information, calculate the price elasticity of demand for Sharks tickets and interpret your results. In addition, was this a wise choice by Sharks management? And why?(Use the formula provided in the Elasticities Lecture Slides)
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Microeconomics Principles, Problems and Policies
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
20th edition
978-0077660819, 77660811, 978-1259450242
