Solved: Demand for tickets to the local sporting event, Other Management

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Demand for tickets to the local sporting event

Problem: The following table shows part of the demand for tickets to a local sporting event:

Price(P)...Quantity(Q)
15...........40
10..........100
6............150
3............250

Is demand elastic in the $3 - $6 price range?

Ed = 0.8 in the $6 - $10 price range. In this range of demand, by what percentage would quantity demanded change if price changes by 5 percent?

Price falls from $15 to $10. Does total revenue (TR) increase, decrease, or remain the same?

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Other Management: Demand for tickets to the local sporting event

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