If the Price Elasticity of Demand for Opera Tickets Is

question 73

Multiple Choice

If the price elasticity of demand for opera tickets is estimated to be 4.5, then a 10 percent increase in opera ticket prices would be expected to cause a

• A) 4.5 percent decrease in quantity demanded.
• B) 4.5 percent increase in quantity demanded.
• C) 45 percent decrease in quantity demanded.
• D) 45 percent increase in quantity demanded.
• E) 450 percent increase in quantity demanded

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