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QUESTION
When the price of NBA tickets is $25 each, 30,000 tickets are sold for every game. After increasing the price to $30 each, 25,000 tickets are sold...
When the price of NBA tickets is $25 each, 30,000 tickets are sold for every game. After increasing the price to $30 each, 25,000 tickets are sold every game. What is the price elasticity of demand for NBA games after the ticket increase? Is demand elastic or inelastic? Is the increase a sound financial move? Why, why not?
