Question: Explain why the choice between 1, 2, 3, 4, 5, 6, 7, and 8 units, or 1000, 2000, 3000, 4000, 5000, 6000, 7000, and 8000

Explain why the choice between 1, 2, 3, 4, 5, 6, 7, and 8 “units,” or 1000, 2000, 3000, 4000, 5000, 6000, 7000, and 8000 movie tickets, makes no difference in determining elasticity in Table 6.1.

Explain why the choice between 1, 2, 3, 4, 5,

Total Quantity of Tickets Demanded Elasticity Total Revenue, Total-Revenue per week,Thousands Price per Ticket Coefficient (Ed) (I) (2) 8000 14,000 8,000 20,000 20,000 18,000 14,000 8000 Test $8 5.00 2.60 1.57 1.00 0.64 0.38 0.20 Elastic Elastic Elastic Unit elastic Inelastic Inelastic Inelastic 6

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