A long queue appears outside the ticket office selling concert tickets of a famous singer.
Suppose the arc elasticity of demand for the concert ticket is 2 and the ticket price is reduced from $500 to $300
The percentage change in price is ___________
and the percentage change in quantity demaned is _________
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ECON D&S
2008-04-07 4:52 am
回答 (1)
2008-04-08 2:15 am
✔ 最佳答案
The percentage change in price is:(500-300)/500*100%=40%
The elasticity of demand for the concert ticket is 2
2 = % change in quantity demaned / % change in price
2= % change in quantity demaned / 40%
% change in quantity demaned = 2*40%
% change in quantity demaned = 80%
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