If a 10 % drop in the price of tickets to Sheffield Shield cricket matches leads...
If a 10 % drop in the price of tickets to Sheffield Shield cricket matches leads to a 12% increase in attendance, the demand for the ticket is:
a. elastic
b. inelastic
c. unit elastic
d. perfectly elastic
Homework Answers
Elasticity of demand = (% change in quantity demanded/ % change in price)
% decrease in price of tickets to Sheffield shield cricket matches = -10%
% increase in attendance = 12%
Elasticity of demand = (12/-10)= -1.2
Because elasticity of demand is greater than 1 in absolute terms , this implies that the demand for the ticket is elastic. Hence, option(A) is correct.
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