Illustrate what is the equilibrium price of tickets event

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Reference no: EM1360918

The demand for tickets to an event is given by the equation The supply of tickets to the event is given by the capacity of the stadium, which is 150,000.

a) Illustrate what is the equilibrium price of tickets to the event?

b) Calculate the price elasticity of demand at the equilibrium price and

c) state whether demand is elastic or inelastic.

d ) How do you know?

Reference no: EM1360918

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