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Prices and quantities demanded for Concert Tickets are as follows: P Q $150 2,600 $175 2,100 (a) Calculate the approximate elasticity of demand when price
Prices and quantities demanded for Concert Tickets are as follows: P Q $150 2,600 $175 2,100 (a) Calculate the approximate elasticity of demand when price is $175 using the percentage method (starting from $175 as the base year). (b) If the Concert Vendor raised the price to $200, what would be the approximate change in revenue (please be sure to note if it is an increase or a decrease)
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