Explain why the choice between 1, 2, 3, 4, 5, 6, 7, and 8 units, or 1000,
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 movie tickets, makes no difference in determining elasticity in Table 6.1.
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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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Related Book For
Economics
ISBN: 978-0073375694
18th edition
Authors: Campbell R. McConnell, Stanley L. Brue, Sean M. Flynn
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