Theory of Demand and Supply (economics)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 November 2010
Suppose the price of movies seen at a theatre rises from RS.120 per person to Rs.200 per person. The theatre manager observes that the rise in price leads to a fall in attendance at a given movie from 300 to 200 persons what is then price elasticity of demand for movies:
my ans is 0.5 and in book it is given 0.8
please tell how to calculate?
my ans is 0.5 and in book it is given 0.8
please tell how to calculate?
25 November 2010
its Diff in price / Diff in demand
= 200-120 / 300-200 = 0.8
= 200-120 / 300-200 = 0.8
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