question archive Suppose the Vegas Golden Knights lower ticket prices by 15%, and as a result, the quantity of tickets demanded increases by 10%
Suppose the Vegas Golden Knights lower ticket prices by 15%, and as a result, the quantity of tickets demanded increases by 10%
Subject:EconomicsPrice:2.88 Bought3
Suppose the Vegas Golden Knights lower ticket prices by 15%, and as a result, the quantity of tickets demanded increases by 10%. This set of results shows that Vegas Golden Knights tickets have:
A) an inelastic demand.
B) an elastic demand.
C) a unit elastic demand.
D) an inelastic supply.
E) an elastic supply.
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The absolute value of Price elasticity of demand is: 10/15 = 0.67. Since the absolute value is less than 1, the demand is inelastic.
