If you are the sales manager of Universal Studios Singapore,

a) you notice that due to Covid 19, the ticket price has decreased from $80 to $50, the no of tickets bought has increased from the usual 2500 to 4200.

b) Based on a), explain the 2 most relevant factors that affect the PED why demand for USSR tickets is price elastic/ inelastic.

c) Using the elasticity of demand, how would you strategise or price the entry tickets to increase your revenue? Explain.