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Compute the price elasticity of demand for the range

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Reference no: EM13316166

1.The new Millennium Dome Company (NMDC) must choose the entry fee for a new sports arena. Suppose an expensive consultancy firm has estimated the demand schedule to be as follows:

a.Compute the price elasticity of demand for the range P= $30 to P= $24 and for the range P=$18 to P= $12. (Show your work)

b.The current admission price is $ 18. If NMDC wants to increase its total revenue, should it charge a lower or higher price?

Reference no: EM13316166

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