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IC flashcards MicroEconomics - austinsford - 01-17-2010
Can someone check number 40 of Consumer demand & Elasticity for the IC flashcards. It seems like the answer the should be the opposite.
Thanks
IC flashcards MicroEconomics - smbeahan - 01-18-2010
It's correct
The manager believes that the demand is inelastic - meaning he thinks that an increase in ticket prices will not cause a significant decrease in ticket sales. Selling the same number of tickets (or a few less) at an increased price will increase total revenue.
I just took this test in December, and passed with a 68 using only the IC flashcards. I do have a background in finance, but this is not a super difficult test. Good luck!
IC flashcards MicroEconomics - austinsford - 01-22-2010
Yeah I read this wrong. Thanks for replying. I am taking this Monday and it should be a victory.