Question

The following table shows part of the demand function for tickets to an outdoor summer concert by a popular si?

The following table shows part of the demand function for tickets to an outdoor summer concert by a popular singing group:


Price (P)...Quantity (Q)
50........... 100
35.......... 180
20............300
10............500



(6 pts) What is the price elasticity of demand in the $10 - $20 price range? Is demand elastic, inelastic, or of unitary elasticity? Calculate the value and show all of your work. Be sure to use the midpoint equation used to determine elasticity.

(4pts) What will be the effect on total revenue if this is price reduction from $20 to $10?

2 years ago - 1 answers

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Ill build you a table for FREEE

2 years ago