Question
The Atlanta Falcons are planning to increase the price for a 2020 season ticket. The price for a 2019 season ticket is $1,259. The price
The Atlanta Falcons are planning to increase the price for a 2020 season ticket. The price for a 2019 season ticket is $1,259. The price for a season ticket in 2018 was $1,030. The number of season tickets sold in 2018 was 34,340 and 2019 was 32,405. The team is also concerned about losing sales to the Atlanta Hawks if the price for season tickets is raised. The number of season tickets for the Atlanta Hawks was 12,432 in 2018 and 14,765 in 2019. The price of a Atlanta Hawks season ticket in 2018 was $859 and $768 in 2019. 1a-Calculate the price elasticity for Atlanta Falcons season tickets and describe whether it supports the team's plans to increase the price of a season ticket ? Answer:__________________________________________________________________________ ________________________________________________________________________________ Show your calculations for Question 1a here : 1b-What are two factors that could be used to explain the price elasticity for Atlanta Falcons season tickets? ________________________________________________________________________________ ________________________________________________________________________________ 2- Calculate the cross-price elasticity for Atlanta Falcons season tickets and describe whether it supports the team's plans to increase the price of a season ticket? Answer:__________________________________________________________________________ ________________________________________________________________________________ ________________________________________________________________________________ Show your calculations for Question 2 here :
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