Pricing /Economics

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» Pricing /Economics

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Sep 29, 2009, 07:25 PM

mdazy

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Join Date: Sep 2009

Posts: 1

Pricing /Economics

Can someone show me some pointers in answering this question:

At a recent football match, the seating capacity was 14,000. 2,000 fans failed to obtain seats as the stadium was full to capacity. The price per ticket was $20. given that the elasticity of demand for tickets was -1.4, at what price should the tickets have been sold so that ther was no excess demand for seats?

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