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Answer to Question #296908 in Economics for Eli

Question #296908

You are the curator of a museum. The museum is running short of funds, so you decide to increase revenue. Should you increase or decrease the price of admission? Explain. 


1
Expert's answer
2022-02-13T11:50:12-0500

You should increase the price of admission if the demand is inelastic and decrease the price of admission of the demand is elastic to increase total revenue.


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