Please say whether each one is y=1, y=2, or y=3
2 answers:
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Answer:
Correct option: (A) 43.48% fall in the price of a ticket.
Step-by-step explanation:
The price elasticity of demand is defined as the percent change in quantity demanded to the percent change in the price.
Given:
Price elasticity of demand = 0.23
% change in quantity demanded = 10
Compute the % change in price as follows:
Thus, a 10 percent increase in attendance can be explained by a 43.48% fall in the price of a ticket.