es made can be t or other ing concep Tickets for the Los Angeles production of t
ID: 1158867 • Letter: E
Question
es made can be t or other ing concep Tickets for the Los Angeles production of the musical Hamilton' sold out quickly after going on sale in April. These tickets, sold through the box office at the Pantages Theater and through authorized seller Ticketmaster, were priced as low as $85 for mezzanine seats and $125 for orchestra seats. Once the tickets sold out, the only available seats for the musical which ran from August 11 through December 30, were through ticket resellers such as StubHub and SeatGeek with tickets selling at an average price of $467 to $510. Ticket prices were the most expensive for August dates, wth an average price of $624, and fell for dates h the following months, with December prices averaging $335 amaton, yet? It's going to cost you! os Angeles Tmns, August 19, 2017. Source: Nicholas Cheng, Ton't have a ticket to Based on the difference between the face value of Hamilton' tickets sold by the Pantages Theater and Ticketmaster, and the prices being charged in the reselers tke OA perfectly elastic O B. inelastic O C. unit elastic OD. elastic Click to select your answer eting, at times c lso used more on microecono ciency ledt) e eficiency it the price of a product that the market in suppying t is equal to the marginal value consumers place on t, and equals marginal cost in other words, when every good or servic nsumers less than the marginal cost of producing arce, the resources must be allocated to various industnes in just the right amounts, otherwise too much or average revenue This is the case for the long run equilibnem of perlect compettion nits of goods are being supplied at the towest possible average total cost When arawing diag too ittle oudput gets produced when arawing dhagrars for tirms, alocative em arns for firms, this condition is sxisted if the equirium is at the minimum pont etitionExplanation / Answer
Inelastic. Inelastic demand is when the change in price causes a smaller percentage change in quantity demanded. Tickets for Hamilton has no substitutes even if the price of tickets increases, the percentage change in demand is very little.
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