A local college's basketball program found that when it raised its ticket prices from $16 to...

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A local college's basketball program found that when it raised its ticket prices from $16 to...

A local college's basketball program found that when it raised its ticket prices from $16 to $20, its revenue increased from $384,000 to $400,000. What is the price elasticity of demand for these games? (Note that total revenue is given, not quantity demanded).

5.44

1.22

.82

.18

2

.68

business economics

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Answer 1

Answer #1

old quantity - 384,000 - 24,000 New quantity = 400,000 20 = 20,000 a clashäly 20,000 - 24000 (20.000 + 24,000)/2 20-16 (20+16

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Answer 2

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A local college's basketball program found that when it raised its ticket prices from $16 to...

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