Suppose the price of movies seen at a theatre rises form Rs. 120 per person to Rs. 200 per person. The theatre manger observes that the rise in price leads to a fall in attendance at a given movie from 300 to 200 persons what is then price elasticity of demand for movies:
a)
0.5
b)
0.8
c)
1
d)
1.2
Correct answer is option 'B'. Can you explain this answer?
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Suppose the price of movies seen at a theatre rises form Rs. 120 per person to Rs. 200 per person. The theatre manger observes that the rise in price leads to a fall in attendance at a given movie from 300 to 200 persons what is then price elasticity of demand for movies:a)0.5b)0.8c)1d)1.2Correct answer is option 'B'. Can you explain this answer? over here on EduRev! Apart from being the largest CA Foundation community, EduRev has the largest solved
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