Question
Peter likes to see movies but he decides that he will spend a fixed amount of $1,000 per month on movie tickets, no matter what
Peter likes to see movies but he decides that he will spend a fixed amount of $1,000 per month on movie tickets, no matter what the price of per movie ticket is. Is Peter's price elasticity of demand on movie tickets elastic, unit elastic or inelastic? Explain your answer.
dont answer by pen paper
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Principles of Economics
Authors: N. Gregory Mankiw
8th edition
1305585127, 978-1305971493, 978-1337516860, 1337516864, 978-0357539200, 978-1305585126
