Question: 2. Suppose we know the demand function for baseball tickets is given by q = 120 - 8p, where q is the number of tickets

2. Suppose we know the demand function for baseball tickets is given by q = 120 - 8p, where q is the number of tickets (in hundreds) sold in a week and p is the ticket price. a. The price is p* = $12.00 What is the price elasticity of demand for tickets at this price? Is demand elastic or inelastic? 2 pts b. Graph the demand function and use to calculate the consumer surplus at this price. 3 pts 1 c. What is the change in consumer surplus if the price is increased to $14? 3 pts

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