Price Elasticity, Microeconomics

Assignment Help:
About four years ago, Kanye West performed at the UIC Pavilion. General admission tickets were priced at $30. Concert promoters say that price elasticity of demand for general admission concert tickets was
-1.5. Although this show was sold out, concert promoters estimate that they could have sold 30% more general admission tickets if space allowed. How much could the concert promoters have raised the price of a general admission ticket (in dollars) and still maintained a sell-out (assuming all the other demand factors are held constant)?

Related Discussions:- Price Elasticity

Economics, Ask questiowhat are the importance of the branches of economics

Ask questiowhat are the importance of the branches of economics

Economies of scale, what are the limitations of economies of scale?

what are the limitations of economies of scale?

Econometric equation, This research will follow the methodology of economet...

This research will follow the methodology of econometrics; Chao, 2005; Castle & Shephard, 2009): 1. Specification of the model using a specific stochastic equation, together wit

Name the actors in the basic neoclassical model of economics, Name the two ...

Name the two actors in the basic neoclassical (or traditional microeconomic) model of economics, and identify the assumptions the model makes of these two actors. Firms and hou

Properly mixed strategy, A " properly mixed strategy " means a mixed strate...

A " properly mixed strategy " means a mixed strategy that does not assign all the probability to one pure strategy. In other words, it is not a pure strategy. Consider a simultaneo

Why is capital formation important in economic growth, Capital make large s...

Capital make large scale production and greater degree of specialization possible. Thus with capital accumulation the advantages of large scale production and specializations are o

What is monetarism, Q. What is Monetarism? Monetarism:Monetarism was a ...

Q. What is Monetarism? Monetarism:Monetarism was a right-wing economic theory (associated with work of Milton Friedman, in particular) which believed that inflation could be co

Elasticity of demand, #q The price of a laptop increases by 20% and there i...

#q The price of a laptop increases by 20% and there is a 40% drop in the quantity demanded. • The price of a pack of cigarettes increases by 10% and there is a 5% drop in the quan

Diminishing marginal returns, law of diminishing marginal returns does no...

law of diminishing marginal returns does not hold then output of the world can be produced in a flower pot. Explain?

S block elements, which is more dense-Rubidium or Rubidium Hydride?

which is more dense-Rubidium or Rubidium Hydride?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd