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The City Zoo is losing money.
a. Fill in the blanks in the preceding table. (Use the mid-point method to calculate elasticity)
b. What is your recommendation regarding pricing? Should the zoo's management change the price from the current $6.00? Justify your position, based upon your estimate of the elasticity of demand.
a. Research has estimated that the price elasticity of demand for soft drinks is -0.78, while the price elasticity of demand for Coca-Cola is -1.22. Coca-Cola is a type of soft drink so why isn't its price elasticity of demand the same as the price elasticity for soft drinks as a whole??