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Are Tickets for Thorpe Park Price and Income Elastic?
Member rating: No Rating | Words: | Submitted: Tue Nov 18 2003
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Are Tickets for Thorpe Park Price and Income Elastic? INTRODUCTION During this project I am going to find out if Thorpe Park tickets are price and income elastic to help me do this I will be visiting Thorpe Park. If a product is price elastic it means that it is responsive to a change in price. So that a small change in price will lead to a bigger change in quantity demanded whereas if a product were inelastic a small change in price would lead to a smaller change in quantity demanded. It is measured by this equation: % Change in Quantity Demanded % Change in Price This can be shortened to be: Price x Change in Quantity Demanded Quantity Demanded x Change in Price For elasticity in general if the result of this equation is between minus one and one it means that the product is inelastic but if the result is greater than one...
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