Question: Need help with 6 please 5 points Save QUESTION 6 A local cinema increases its ticket price from $20 to $24. The quantity demanded of

Need help with 6 please

5 points Save QUESTION 6 A local cinema increases its ticket price from $20 to $24. The quantity demanded of tickets soon decreases from 1600 to 1200 tickets per week. a) What is the price elasticity of demand? Use the percentage change method. ( Ed = %AQ / %AP ) b) Briefly explain whether this price increase will increase or decrease total revenue

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