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ira [324]
3 years ago
11

You are the curator of a museum. The museum is running short of funds, so you decide to increase revenue. What should you do to

increase revenue if the price elasticity of demand is 0.45?
Business
1 answer:
SVETLANKA909090 [29]3 years ago
3 0

Answer and explanation:

Demand elasticity measures the changes in quantity demanded as the result of changes in price. Demand elasticity is calculated by dividing the percentage change in quantity demanded by the percentage change in price. If the result is equal or higher than one (1) the product is <em>elastic </em>but if the result is lower than 1 the product is <em>inelastic</em>.

In the case, <em>as the elasticity of demand of the museum ticket is 0.45 it means the museum tickets is inelastic. This scenario implies that in front of changes of price the quantity demanded will not change. Thus, as a curator of the museum you should </em><u><em>increase the museum ticket price to increase revenue</em></u><em>.</em>

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The effectiveness of an advertising campaign can be measured a. only after the campaign has been carried out completely and resu
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before, during, and after the campaign through the use of pretests, inquires and posttests.

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at land rover, voluntary discussion groups of 4 to 12 employees met weekly to identify cost savings, improve product quality, an
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A matrix organization is any organization in which the project manager or project team leader actually shares responsibility for
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Swifty's Market used the perpetual method to record the following events involving a recent purchase of inventory:
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Answer:

Inventory balance will be of 73,318

Explanation:

Inventory                     75,400

     Account payable                75,400

to record goods received

Account payable           1,300

           Inventory                          1,300

to record return of goods

Inventory                          700

            Cash                                  700

to record payment of freight

Account Payable        74,100

            Inventory                         1,482

            Cash                              72,618

to record payment of invoice within discount period

75,400 - 1,300 = 74,100

74,100 x 2% = 1,482

Inventory balance:

<em>   DEBIT         CREDIT</em>

 75,400

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      700

                       1,482

<u><em>balance: </em></u>

  73,318

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