请各位前辈指教小女子一题作业...
想知道到底题目中”proportional change in price“和“propotional change in quantity”是指“收入的变化”和”需求的变化“吗？
The long run income elasticity of demand for movie theater tickets is 3.42. That means that the proportional change in price will exceed the proportional change in quantity.
Elasticity measures percentage change in demand caused by percentage change in price. Since the elasticity is bigger than 1, then it means that one percent change in price will cause 3.42 percent change in demand. So proportional change in price will be smaller than proportional change in demand. I think it is false.
Income elasticity of demand is the change in quantity demanded/change in real income. For luxuries, income elasticity are greater than 1. Therefore, the price elasticity of movie theatre ticket is elastic, which means the change in quantity demanded>change in price. False!
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