EC 201 Intermediate Microeconomics Elasticity Questions 1. Other practice elasticity questions - determine the elasticity of demand and supply for each of the following at equilibrium. a. Qd = 75 - P, Qs = 1/2P - 10 b. Qd = 15 - 1/2P, Qs = 5/2P - 9 2. A ski area is experiencing a decline in the number of lift tickets sold, falling revenues, and inadequate profits. The average price of a lift ticket is $20, and there are 2500 tickets sold daily. The estimated price elasticity of demand is -1.5 and lifts are currently running at an average of 75% of capacity. A. The manager of the ski area proposes a 10% increase in the average lift ticket price. Would this increase the ski area's revenues? B. What would you suggest