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Suppose a major league baseball team currently charges a equilibrium price of $12 per ticket and sells equilibrium quantity of 12000 tickets. Suppose the price

Suppose a major league baseball team currently charges a equilibrium price of $12 per ticket and sells equilibrium quantity of 12000 tickets. Suppose the price elasticity of demand at the equilibrium price and quantity is -1.5 and respective price elasticity of supply is .32.Suppose you are a price research consultant for the team management.What would you advise the management on the prospective price increase?Explain Briefly.

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