(Answered) An open field next to the national stadium allows cars to

Management Studies

An open field next to the National Stadium allows cars to park at its parking lot to gain money during football matches. Last year, it charged $3 per car and parked 1,000 cars.This year, it raised the parking fee to $3.50 and it parked 950 cars. Would you say that the open field owner has made a good economic decision in raising the parking fees? Explain the type of price elasticity of demand for parking. Use the mid-point formula.

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