Result in an increase in total revenue

Reference no: EM133714392

Question: Suppose firm has a 25% sale and that quantity demand rises by 37.5%. The price elasticity of demand for this good is Group of answer choices elastic and equal to .66. elastic and equal to 1.5. inelastic and equal to 0.8. inelastic and equal to 66. When the price of a concert ticket is $50, the theater sells 500 tickets. The theater owner experiments by raising ticket prices to $70, and discovers she then sells 300 tickets. Using the midpoint method, the price elasticity of demand for good A is Group of answer choices 1.50, and an increase in price will result in a decrease in total revenue for the theatre owner. 0.67, and an increase in price will result in a decrease in total revenue for the theatre owner. 0.67, and an increase in price will result in an increase in total revenue for the theatre owner. 1.50, and an increase in price will result in an increase in total revenue for the theatre owner.

Reference no: EM133714392

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