Is demand for movie tickets elastic or inelastic?

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Reference no: EM13174258

Consider the following demand schedule for movie tickets


Price            Quantity Demanded (Ticket per day)

  9                              100

  8                              200

  7                              300


Suppose the price of a movie ticket falls from $9 to $7.

a. Calculate the price elasticity of demand for movie tickets:

b. Is demand for movie tickets elastic or inelastic?

c. What is the change in the total revenue from the sale of movie tickets.

Reference no: EM13174258

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