Is demand for movie tickets elastic or inelastic? what, Ask an Expert

Economics

Consider the following demand schedule for movie tickets

Price Quantity Demanded (Ticket per day)

9 100

8 200

7 300

Suppose the price of a movie ticket falls from $9 to $7.

a. Calculate the price elasticity of demand for movie tickets:

b. Is demand for movie tickets elastic or inelastic?

c. What is the change in the total revenue from the sale of movie tickets.

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Macroeconomics, Economics

Category:- Macroeconomics
Reference No.:- M9464369

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