you are the supervisor of the zoo. the zoo is running short of funds so you...
you are the supervisor of the zoo. the zoo is running short of funds so you decide to increase revenue. should you increase or decrease the price of admission? Explain
Homework Answers
The decision to increase or decrease the price depends on price elasticity of demand for zoo.
If demand is elastic at the current prices, prices should be decreased because then % increase in quantity demanded will be greater than % decrease in price.
If demand is inelastic at the current prices, prices should be increased because then % decrease in quantity demanded will be less than % increase in price.
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