Several years ago, James Todd Smith (a/k/a LL Cool J) performed at the United Center. General admission tickets were priced at $32. Concert promoters say that price elasticity of demand for general admission concert tickets was -1.6(i.e. E(P)= -1.6). Although this show was sold out, concert promoters estimate that they could have sold 20% more general admission tickets if space allowed. How much could the concert promoters have raised the price of a general admission ticket (IN DOLLARS) and still maintained a sell-out(assuming all other demand factors were held constant)?
Please explain in detail and show work,