Calculate the price elasticity of demand for movie tickets, Econometrics

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Calculate the price elasticity of demand for movie tickets

Figure 1 shows the demand for movie tickets. Is the demand for movie tickets elastic or inelastic over the price range $7 to $9 a ticket? If the price falls from $9 to $7 a ticket, explain how the total revenue from the sale of movie tickets will change. Calculate the price elasticity of demand for movie tickets when the price is $8 a ticket.

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Econometrics: Calculate the price elasticity of demand for movie tickets

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