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When the price of a movie ticket falls from $7 to $5, the quantity of tickets demanded increases from 500 to 700 a day.
a. What is the price elasticity of demand for the movie ticket?
b. Is the demand elastic, inelastic or unit elastic?
c. If the price of tickets were to increase by 20 percent, what would be the percentage change in the quantity demanded?
d. According to your estimate, what happened to the tickets revenue after the price decrease? Explain.
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