Question
Why are NBA and NFL game tickets so expensive? The answer is price elasticity. What is it?Well, think of it as how consumers react to
Why are NBA and NFL game tickets so expensive?
The answer is price elasticity.
What is it?Well, think of it as how consumers react to price changes.If they react a lot then the good or service has an elastic demand, if consumers just keep buying the same quantity as before, then we have a good or service with an inelastic demand.What factors influence elasticity of demand?
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Economics
Authors: R. Glenn Hubbard, Anthony Patrick O Brien
7th edition
134738314, 9780134738116 , 978-0134738321
