3. Wilmington Blue Rocks basketball team raised single game ticket price from $15 to $18 last...
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3. Wilmington Blue Rocks basketball team raised single game ticket price from $15 to $18 last season. The ticket sales dropped from average 4,500 to 4,100 per game. (1) Please calculate the price elasticity of demand. (2) calculate the revenue change after the price drop and decide whether it was a good decision to raise the ticket price. (5 points total) 3. Wilmington Blue Rocks basketball team raised single game ticket price from $15 to $18 last season. The ticket sales dropped from average 4,500 to 4,100 per game. (1) Please calculate the price elasticity of demand. (2) calculate the revenue change after the price drop and decide whether it was a good decision to raise the ticket price. (5 points total)
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