how do I calculate how whether they should increase or decrease the price of the ticket? and how do I know what they should charge in order to maximise revenue?

3! Yahoo! 9 Google Maps a YouTube W Wikipedia E News i Popular i Imported From Sa... ers? Practice Problems_Elasticity.docx and Expert Rate 5 more documents to earn a free unlock. Ii Helpful 1' Unhelpful + Automatic Zoom QUEHON: Practice Problem 2: Elacity of Demand and the Revenues of Producers Suppose the demand for the Notre Dame-Penn State football game is given by: Qd s 200,000-2000'P. I a) If the ticket price is 560. how much total revenue is collected? b) What is the price elasticity of demand when the price is $60? minutes c) If Penn State wants to increase their total revenue, should they increase or decrease the price from 360? d) What price should Penn State charge if they want to maximize their revenue? (Hint: remember that thing revenue is maximized when e - -1). e) Over what price range is demand inelastic? Check the answer. Stuck? We have tutors online 24/7 who can help you get unstuck. :l R: 3) TR = \"'800'000 Ask Expert Tutors b) ~3/2 or -'1.5 _ . C) Decrease You can ask 40 questions (Will expire 5:5 d) P= $50