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10. Suppose demand for tickets to your event can be described by Q=2500-5P. The capacity of...

10. Suppose demand for tickets to your event can be described by Q=2500-5P. The capacity of your arena is 2000. You anticipate that for each person who attends the event will, you will earn an additional $8 on concessions. Assume also that your cost to produce the event is not affected by how many people attend. What should the price of your ticket be? Will it be priced in the elastic or the inelastic region of demand?

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