To conduct an experiment, a movie theater increased movie ticket prices from $9 to $10 and measured the change in ticket sales. The theater then gathered data over the following month to determine whether the price increase was profitable. Assume total costs to the theater are the same, whether the price of a ticket is $9 or $10.
In order for the ticket price to have been profitable over the month, the elasticity of demand for movie tickets must be.
Demand curves becomeelastic in the long run. This means that the ticket price increase will likely beprofitable in the long run.
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To conduct an experiment, a movie theater increased movie ticket prices from $9 to $10 and measured...
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