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IRISSAK [1]
4 years ago
7

A movie theater finds that when it prices tickets at ​$9​, the theater sells 250 per day. When the price is reduced to ​$8​, the

theater sells 300 per day. Based on this​ information, use the​ average-values formula to find the price elasticity of demand for tickets. Provide the absolute value of the price elasticity of demand.
Business
1 answer:
elena55 [62]4 years ago
8 0

Answer:

The price elasticity of demand is -1.81.

Explanation:

At price level $9 the quantity demanded is 250.

At the price level $8, the quantity demanded is 300.

The price elasticity of demand will be  

= \frac{Change\ in\ quantity\ demanded}{Change\ in\ price}

= \frac{\frac{Q2-Q1}{Q1} }{\frac{P2-P1}{P1} }

= \frac{\frac{300-250}{250} }{\frac{8-9}{9} }

= \frac{\frac{50}{250} }{\frac{-1}{9} }

= \frac{0.2}{-0.11}

= -1.81

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