Suppose When the Price of Movie Tickets Is $7

question 69

Multiple Choice

Suppose when the price of movie tickets is $7.50,the quantity demanded is 550,and when the price is $8.50,the quantity demanded is 450.Using the mid-point method,the price elasticity of demand is:

• A) 0.625
• B) 0.625.
• C) 1.6
• D) 1.6.

---

Definitions:

Production Technology

The methods, equipment, and processes used to produce goods and services.

Income

The financial gain received, often measured on a regular basis, through work, investments, or business ventures.

Number of Sellers

Refers to the quantity of providers or suppliers available in the market offering a similar product or service.

Market Quantity Supplied

The total amount of a particular good or service that sellers are willing and able to sell at a given price in a specific period.