An amusement park charges $25.00 per ticket for children under 12 years of age and $50.00 per ticket for anyone 12 years of age or older. The firm has estimated that the price elasticity of demand for tickets purchased by those 12 years of age or older is -1.2. Calculate the elasticity of demand for tickets purchased for children under 12 years of age if prices are optimal.

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To calculate the elasticity of demand for tickets purchased by children under 12 years of age we fir... View the full answer