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Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050

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BuyFindarrow_forward

Principles of Microeconomics

7th Edition
N. Gregory Mankiw
ISBN: 9781305156050
Textbook Problem

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.

To determine
The price elasticity of demand and revenue.

Explanation

The increase or decrease in price for the rise of revenue is estimated based on the elasticity of demand. If the demand is inelastic, that is, change in price outweighs the change in quantity de...

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