The price of season tickets to a performing arts theater decreases by 3 percent. As a result, the quantity demanded increases by 6 percent. The price elasticity of demand for season tickets is

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27-01-2022
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The price of season tickets to a performing arts theater decreases by 3 percent. As a result, the quantity demanded increases by 6 percent. The price elasticity of demand for season tickets is

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Tundexi Tundexi · Answer 1 · 2022-02-10T10:40:48+01:00

The price elasticity of demand for the season tickets is 2.

What is price elasticity of demand?

A price elasticity of demand refers to an economic tools that assess the change in consumption of goods in relation to the change in its price.

Price elasticity of demand = 6% / 3%

Price elasticity of demand = 2%

Therefore, the price elasticity of demand for the season tickets is 2.