7. Economics Intern for Lancaster Barnstormers Some have argued that poor attend

Question

7. Economics Intern for Lancaster Barnstormers Some have argued that poor attendance at the Lancaster Barnstormers baseball games is related to high ticket prices. As their summer economics intern, you have calculated that the elasticity of demand for Lancaster Barnstormers home game tickets is -0.83. As their summer economics intern, would you recommend that they lower ticket prices if their goal is to increase total revenue? If not, what would you suggest instead? A. No, they should keep ticket prices the same since they are so close to unitary elastic demand. O B. No, they should raise ticket prices because demand is inelastic and see if there are other reasons why people aren't attending games c. Yes, they should lower ticket prices if they want more people to attend games. D. Yes, they should lower ticket prices but only for half of the games because demand is elastic.

Explanation / Answer

Answer is B. They should raise ticket prices because demand is inelastic.......... Such action will raise revenue. Please like answer if you want me to help you in future

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