Problem
There are five horseracing tracks in Kentucky. The Kentucky legislature allows only one track to be open at a time.
a. How will it affect the elasticity of demand for horse racing tickets?
b. How does this restriction affect the price the track can charge for its product?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.