If a 10 % drop in the price of tickets to Sheffield Shield cricket matches leads to a 8% increase in attendance, the demand for the ticket is?
a. inelastic
b. elastic
c. unit elastic
d. perfectly elastic

Option A

Explanation:

Here there is a price drop of 10% in the tickets while there is 8% increase in attendance which means there is inelastic situation. It denotes that the quantity demanded of the product is less than the price change.

When the demand increases in equal quantity to price then it is unit elastic. Perfectly elastic means when there is just 1% decrease in price of tickets then the demand quantity is infinity. Elastic means there is huge percentage change in quantity demanded than the price change.

answer; offer in store wine and beer samples;

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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