Describe the the elasticity of demand

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Reference no: EM13196275

Suppose average movie attendance is 250 million tickets when prices are $7 a ticket and 200 million when prices are $9 a ticket. Other things being equal, the data imply that the elasticity of demand for movie tickets is:

A. elastic, so the increase in price caused total revenue to rise.

B. elastic, so the increase in price caused total revenue to fall.

C. inelastic, so the increase in price caused total revenue to rise.

D. inelastic, so the increase in price caused total revenue to fall.

Reference no: EM13196275

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