Essay
Understand and describe what happens when a market is not in equilibrium.
-As manager of the Eagle Crest Ski Resort and Lodge, you announce an increase in the price of lift tickets from $35 to $50. The number of skiers falls, but your total revenue increases.
a. What does this say about the elasticity of demand for lift tickets? Should you raise ticket prices even more?
b. Your friend, an avid skier and economics major-but in no way affiliated with the ski lodge-says she is actually happy that you raised the ticket prices. How could she think such a thing?
Correct Answer:
Verified
Correct Answer:
Verified
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