Price Elasticity, Microeconomicsle.., Microeconomics

Price Elasticity, Microeconomicsle.., Microeconomics

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#questAbout 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)?ion..

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