(Answered) Question 1 the toronto blue jays raises ticket prices from

Economics

Question 1: The Toronto Blue Jays raises ticket prices from $100 to $120 per seat and experience a decline in ticket sales from 12000 to 10000 per game.

i) What is the elasticity of demand for tickets?
ii) Assuming the marginal cost of admitting one more fan is zero, is the price increase a good idea? Should the Blue Jays decrease the price instead?

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Business Economics, Economics

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