You are on a committee that is considering ways to raise money for your city’s s

Question

You are on a committee that is considering ways to raise money for your city’s symphony program. You would recommend decreasing the price of symphony tickets only if you thought the demand curve for these tickets was: 1- inelastic 2- elastic 3- unitary elastic 4- perfectly elastic Which one is the correct answer You are on a committee that is considering ways to raise money for your city’s symphony program. You would recommend decreasing the price of symphony tickets only if you thought the demand curve for these tickets was: 1- inelastic 2- elastic 3- unitary elastic 4- perfectly elastic Which one is the correct answer 1- inelastic 2- elastic 3- unitary elastic 4- perfectly elastic Which one is the correct answer

Explanation / Answer

When demand is elastic consumer respond more to the change in price. So if the price decreases 1%, quantity demand will be increased by more than 1%. Sellers revenue will be increased.

Option 2 is correct.

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