11. Problems and Applications Q11 You are the curator of a museum. The museum is running short of funds, so you decide to increase revenue. What should you do to increase revenue if the price elasticity of demand is 1.5? Raise the admission price Nothing, revenue is maximized at current admission price Lower the admission price

The correct answer is letter "D": Lower the admission price.

Explanation:

Demand Elasticity is the indicator of how demand varies with increasing other variables. Demand elasticity is often referred to as demand price elasticity since the price is the most commonly used element for calculating elasticity. Demand elasticity helps a firm anticipate market changes based on price changes, competitive products market entry and other factors. When demand price elasticity exceeds 1, it is elastic.

If a good or service is elastic, a minimum change in price represents a major change in quantity demanded. Therefore, the curator of the museum should decrease the price of the museum admission so that the quantity demanded increases bringing more profits (the demand elasticity in the case is 1,5).

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