Price Elasticity, Microeconomics

Assignment Help:
About four years ago, Kanye West performed at the UIC Pavilion. General admission tickets were priced at $30. Concert promoters say that price elasticity of demand for general admission concert tickets was
-1.5. Although this show was sold out, concert promoters estimate that they could have sold 30% more general admission tickets if space allowed. How much could the concert promoters have raised the price of a general admission ticket (in dollars) and still maintained a sell-out (assuming all the other demand factors are held constant)?

Related Discussions:- Price Elasticity

Environmental scan and swot analysis, Environmental Scan SWOT analysis:...

Environmental Scan SWOT analysis: SWOT analysis will help to describe about the strengths, weakness, opportunities as well as threats. This is the strategic planning method

Law of cardinal utility approach, ??????? ??? ???? ??? # 100 ?????? #Minimu...

??????? ??? ???? ??? # 100 ?????? #Minimum ?????? ?????

Find the average residential water under the current split, Suppose you are...

Suppose you are a regulator in charge of allocating water between residential and agricultural users (farmers) in Southern California. You conduct a survey that finds that under th

Explain about contingent valuation, Q. Explain about Contingent valuation? ...

Q. Explain about Contingent valuation? Evaluation of willingness to pay for a specified environmental resource or a change in the resource, through use of structured questionna

Cost theory, if marginal cost descreases then what else is effected by this...

if marginal cost descreases then what else is effected by this

Describe trade unions and collusion among employees, Trade union can also p...

Trade union can also pay a useful role in improving the wages of the workers without causing adverse effects on employment. This case which is intensely associated with the idea of

Explain about neoliberalism, Q. Explain about Neoliberalism? Neoliberal...

Q. Explain about Neoliberalism? Neoliberalism: A modern, harsher incarnation of capitalism that became dominant globally beginning in early 1980s, largely as a reaction to inte

Elasticity, discuss how cross of demand is useful in categorizing commoditi...

discuss how cross of demand is useful in categorizing commodities

Gross national product, what is the formula for finding gross national prod...

what is the formula for finding gross national product?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd