Suppose an increase in symphony tickets prices reduces the total revenue
Suppose an increase in symphony tickets prices reduces the total revenue. This is evidence that demand is:
price inelastic
price elastic
unitary elastic
perfectly inelastic
Homework Answers
Q-1 Answer :- Price Elastic
Explanation :- Price elasticity of demand measures how price changes affects the Quantity demanded.
=> law of demand say that when price increase then demand decrease and vice versa. so here if Symphony tickets price increase then it will decrease the Quantity demanded so that will decrease revenue which is called Elastic demand.
=> here because price affects large on Quantity demanded. so it price elastic demand.
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