Suppose the price of a ticket to a Lenny Kravitz concert is $41 and at that price, the quantity of tickets demanded is 17,000 per concert. Using the midpoint method of calculating percentage changes, if Mr. Kravitz raises the price to $48 and the quantity demanded decreases to 16,000, the price elasticity of demand for his concert tickets is:.
A. 1.00.
B. 15.73.
C. 0.93.
D. 6.06.
E. 0.39.
Answers: 3
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Suppose the price of a ticket to a Lenny Kravitz concert is $41 and at that price, the quantity of t...
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