Answer to Question #149326 in Microeconomics for Thelma

Question

Ticket prices for sporting events are often set in the inelastic range of demand.a. How would total revenue from ticket sales change if the prices for sporting events were raised?b. How would the number of tickets sold change if ticket prices were raised?c. What else is sold at sporting events that might make organizers reluctant to raise ticket prices?

Answer 1

a) It will lead to an increase of the total revenue

b)The number of tickets sold will decrease at a small percentage

c) chocolates