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Theory of Demand and Supply (economics)

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Querist : Anonymous

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Querist : Anonymous (Querist)
25 November 2010 Suppose the price of movies seen at a theatre rises from RS.120 per person to Rs.200 per person. The theatre manager observes that the rise in price leads to a fall in attendance at a given movie from 300 to 200 persons what is then price elasticity of demand for movies:

my ans is 0.5 and in book it is given 0.8

please tell how to calculate?
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CA Punit

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CA Punit (Expert)
25 November 2010 its Diff in price / Diff in demand
= 200-120 / 300-200 = 0.8
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
04 July 2023 "Sorry, I am not a featured member."

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