Suppose the Price of a Ticket to a Lenny Kravitz

question 160

Multiple Choice

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

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