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Answer to Question #62069 in Microeconomics for Benjamin Logan

Question #62069
1. Consider the musical, Les Miserables, is currently playing at the Lyric Theatre in QPAC (Queensland Performing Arts Centre). QPAC knows at the current price, the point elasticity of demand for tickets is 0.18.
Select the item from the list provided to make the following statements true.

If the demand for seats were perfectly inelastic, then the value of elasticity along the demand curve would be equal to __________.

A 1% increase in the price of tickets to see Les Miserables would lead to a __________% decrease in the quantity of tickets demanded.

Les Miserables is recognised as being a popular and critically acclaimed musical. Some people will pay almost anything for a ticket to go to a performance. Economists would see the ticket purchased by these people as being a __________ good.
1. Budget
2. 1
3. greater
4. 0.18
5. necessary
6. increase
7. luxury
8. 0
9. decrease
10. time
11. substitute
12. demand
Expert's answer
If the demand for seats were perfectly inelastic, then the value of elasticity along the demand curve would be equal to __0___.

A 1% increase in the price of tickets to see Les Miserables would lead to a _0.18_% decrease in the quantity of tickets demanded.

Les Miserables is recognised as being a popular and critically acclaimed musical. Some people will pay almost anything for a ticket to go to a performance. Economists would see the ticket purchased by these people as being a _ luxury _ good.

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