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Answer to Question #90230 in Microeconomics for Rimie
Question #90230
2. Famous Cinema Theatres sell the movie tickets for $16 per ticket for evening screenings and sell 250 tickets a night on average. They estimate that the price elasticity of demand for tickets is (negative) 0.8.
Calculate the expected number of tickets sold if they reduce the ticket price to $14.
Calculate the expected number of tickets sold if they reduce the ticket price to $14.
Expert's answer
The expected quantity is
Q2=-0.8*((14-16)/16))*250+250=275
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