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Good economic decision in raising the parking fees

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Reference no: EM131287680

An open field next to the National Stadium allows cars to park at its parking lot to gain money during football matches. Last year, it charged $3 per car and parked 1,000 cars.This year, it raised the parking fee to $3.50 and it parked 950 cars. Would you say that the open field owner has made a good economic decision in raising the parking fees? Explain the type of price elasticity of demand for parking. Use the mid-point formula.

Reference no: EM131287680

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