Unit 3 DB: Wildlife Sanctuary

The objective of this discussion board is to help you understand the concept of elasticity of demand.

You are the curator of a butterfly sanctuary.The sanctuary is running low on funds, so you decide to increase revenue.What options do you have to consider?Should you raise or lower the price of admission?If you raise admission price and demand falls is there some way you can make up the revenue shortfall? If you lower admission price and revenue falls is there some way you can make up the revenue shortfall?

Explain your reasoning in terms of demand and elasticity in a well-written narrative including an introduction to the topic.