Suppose the Price of a Ticket to a Rolling Stones

question 77

Multiple Choice

Suppose the price of a ticket to a Rolling Stones 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 the Rolling Stones raises the price to $48 and the quantity demanded decreases to 16,000, the price elasticity of demand for their concert tickets is

• A) 6.06.
• B) 0.93.
• C) 1.00.
• D) 0.39.
• E) 15.73.

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