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Please provide the change in the number of ticket’s demanded.
The Future Flight Corporation manufactures a variety of frisbees selling for $2.90 each. Sales have averaged 9,900 units per month during the last year. Recently Future Flights closest competitor, Soaring Free Company, cut its prices on similar frisbees from $3.49 to $2.59. Future Flight noticed that its sales declined to 8,000 units per month after the price cut.
(b) If Future Flight knows the arc price elasticity of demand for its frisbees is -2.2, what price would they have to charge in order to obtain the same level of sales as before Soaring Frees price cut?
Price elasticity of -1 means unitary elasticity and this can be translated as 1% increase in price leads to a corresponding 1% decrease in quantity demanded. This is the point at which MR is at the minimum of
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