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Analyze and interpret the relationships

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1. A theater on Broadway recently increased the price of a ticket for a popular play by 2%. The attendance went down by 6%. What is the price elasticity of demand for tickets for this play?Is the price elasticity of demand for tickets considered elastic or inelastic? Why? What factors, besides the increase in the price of the ticket, may have contributed to the reduction in attendance? How would a further increase in the price of the ticket affect the theater revenue?

2. Assume that a 2.5% decrease in the price of digital apps decrease the quantity demanded of tablets by 1%. Using microeconomic concepts, how would you analyze and interpret the relationships between the change in the price of digital apps and the change in the quantity demanded of tablets?

Reference no: EM132814508

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