A local movie theater has a 232-seat capacity and charges a $11 per ticket. The...
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A local movie theater has a 232-seat capacity and charges a $11 per ticket. The tickets are always sold out. The manager is planning to raise the price by 30% and she feels that a higher price will generate more revenue. The elasticity of demand is given as 0.6 (assume downward sloping demand curve). What is the revenue generated after the 30% price increase? Write down the value without the $ sign
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