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yuradex [85]
2 years ago
14

Ticket prices to a Kanye West concert increase from $40 to $60. As a result, ticket sales decrease from 50,000 to 40,000. The el

asticity of demand for Kanye West tickets equals ________ and demand is ________.
Business
1 answer:
kramer2 years ago
4 0

Answer:

.4

Inelastic

Explanation:

Elasticity of Demand = |%Change in Demand / %Change in Price|

%Change in Demand= |(40,000 - 50,000)/50,000| =  20%

%Change in Price = |(60 - 40)/40| = 50%

Elasticity of Demand = .2/.5 = .4 or 40%

.4 < 1 so Demand is Inelastic

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