question archive The Interior Department recently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues
The Interior Department recently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues
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The Interior Department recently announced that it will increase the entrance fees at Yellowstone National Park in order to increase park revenues. The Interior Department must believe that:
A. Park goers are very responsive to price changes.
B. The demand for park services is elastic.
C. The percentage increase in fees will be greater than the percentage decrease in the number of park visitors.
D. Demand is unitary elastic, and thus the number of visitors will NOT decrease.
With explanation why?
Option 1
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