Ask Question
BusinessBusiness
27 April, 17:10

Suppose the Washington Wizards owner lowers the price of Wizard game tickets and the total revenue he receives from ticket sales rises. This would be evidence that the price elasticity of demand for Wizards tickets is:a. elasticb. inelasticc. unit elasticd. perfectly inelastic

+3
Answers (1)
  1. 27 April, 17:38
    0
    The Price Elasticity for increased sales relieved from ticket sales as a result of reduction in price is option A) Elastic

    Explanation:

    Suppose the Washington Wizards owner lowers the price of Wizard game tickets and the total revenue he receives from ticket sales rises. This would be evidence that the price elasticity of demand for Wizards tickets is elastic.

    Price elasticity of demand refers to a standard used to measure how much price changes can affect the quantity of goods demanded or sold.

    Price Elasticity of demand could be

    Elastic Inelastic Unitary Perfectly Inelastic

    When reduction in price brings about a rise in quantity demanded and by implication more sales such that total revenue increases, The price Elasticity of demand is Elastic.

    This is the applicable option for Washington Wizards business.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Suppose the Washington Wizards owner lowers the price of Wizard game tickets and the total revenue he receives from ticket sales rises. ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers
You Might be Interested in
Select the best defense of the following statement: "Changing the subject is a good way to avoid gossip." a. Avoiding gossip is too difficult to do all the time b. Changing the subject can avoid hurting anyone's feelings c.
Answers (1)
DW has an ending Retained Earnings balance of $51,100. If during the year DW paid dividends of $4,300 and had net income of $22,500, then what was the beginning Retained Earnings balance? A. $24,300. B. $300. C. $32,900. D. $69,300.
Answers (1)
Is unemployment always bad for an economy?
Answers (1)
Amy decided to choose the lease option that will minimize her total 36-month cost. the difficulty is that amy is not sure how many miles she will drive over the next three years.
Answers (1)
Match each term with the correct definition. the next-best thing that must be forgone in order to produce one more unit of a given product. the pleasure, happiness, or satisfaction obtained from consuming a good or service.
Answers (1)
New Questions in Business
A house wife invest RS 5000 at 5.5% her husband wishes to invest enough money to have 8% interest so that their total interest will amount to RS 1000 in a year the amount invested by husband is
Answers (1)
Is its revenue stream from advertising and equipment sales growing or declining
Answers (1)
Obligations issued in the name of a government on behalf of a nongovernmental entity is called
Answers (1)
What is disable customer?
Answers (1)
A firm is most likely to pursue a global standardization strategy when
Answers (1)
Home » Business » Suppose the Washington Wizards owner lowers the price of Wizard game tickets and the total revenue he receives from ticket sales rises. This would be evidence that the price elasticity of demand for Wizards tickets is:a. elasticb. inelasticc.
Sign Up Forgot Password?