Multiple Choice
When the price of a video rental was $2.00, ticket sales at the local movie theatre averaged 180 admissions per night. Then the video store reduced the price of a video rental to $1, and the theatre manager reported that ticket sales had fallen to 126 per night. What is the approximate value of the cross price elasticity of demand between video rentals and theatre tickets?
A) -0.53
B) +0.30
C) +0.53
D) +1.67
Correct Answer:
Verified
Correct Answer:
Verified
Q52: Suppose that the value of the short-run
Q53: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5018/.jpg" alt=" -Refer to the
Q54: A decrease in total revenue will result
Q55: At a price of $10, quantity demanded
Q56: The price elasticity of demand is the<br>A)
Q58: If an individual's income rises 4 percent
Q59: Suppose that the price of eggs increases
Q60: The actual value of price elasticity of
Q61: <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB5018/.jpg" alt=" -In the above
Q62: In the long run, the supply curve<br>A)