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Price elasticity of demand using the midpoint method

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Reference no: EM132505324

In a cinema many seats remain empty, current prices are $10 per ticket, with 100 tickets sold per session. The manager decides to decrease prices to $8 per ticket increasing ticket sales to 150 tickets per session.

1. Calculate the price elasticity of demand using the midpoint method.

2. What type of good are movie tickets?

Reference no: EM132505324

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