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Author Question: The table below shows the demand schedule for museum admissions in a small city.Price(per visit per ... (Read 119 times)

Facerro

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Question 1

The table below shows the demand schedule for museum admissions in a small city.

Price
(per visit per person)
Quantity Demanded
(thousands of person-visits per year)
$10  2
 $8  4
 $6  6
 $4  8
 $2 10

TABLE 4-1

Refer to Table 4-1. Between the prices of $8 and $10, the elasticity of demand is
◦ 3.
◦ 1.
◦ 2/3.
◦ 1/3.
◦ 2.

Question 2

The table below shows the demand schedule for museum admissions in a small city.

Price
(per visit per person)
Quantity Demanded
(thousands of person-visits per year)
$10  2
 $8  4
 $6  6
 $4  8
 $2 10

TABLE 4-1

Refer to Table 4-1. Between the prices of $4 and $6 the price elasticity of demand is
◦ 1.40.
◦ 1.00.
◦ 0.71.
◦ 0.40.
◦ 0.50.


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Marked as best answer by Facerro on Oct 12, 2022

breounasmoot

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Facerro

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Reply 2 on: Oct 12, 2022
YES! Correct, THANKS for helping me on my review


recede

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Reply 3 on: Yesterday
Excellent

 

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