The price elasticity of demand for a popular sporting event is 0.4. If the price of a ticket to this event increases by 10 percent, the quantity of tickets demanded will: A. Increase by 4 percent B. Increase by 14 percent C. Decrease by 4 percent D. Decrease by 14 percent
The price elasticity of demand for a popular sporting event is 0.4. If the price of a ticket to this event increases by 10 percent, the quantity of tickets demanded will: A. Increase by 4 percent B. Increase by 14 percent C. Decrease by 4 percent D. Decrease by 14 percent
Chapter6: Elasticities
Section: Chapter Questions
Problem 8P: If the elasticity of demand for hamburgers equals 21.5 and the quantity demanded equals 40,000,...
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The price
A. Increase by 4 percent
B. Increase by 14 percent
C. Decrease by 4 percent
D. Decrease by 14 percent
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