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Microeconomics 19th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
Edition 19ISBN: 978-0070998544Microeconomics 19th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
Edition 19ISBN: 978-0070998544 Exercise 2
Describe the graphical relationship between ticket prices and the number of people choosing to visit amusement parks. Is that relationship consistent with die fact that, historically, park attendance and ticket prices have both risen? Explain
Explanation
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Verified
There will be an inverse relationship between ticket prices and the number of people choosing to visit amusement park. This is because; the two variables change in opposite directions. When ticket prices decrease, people visit to the park increases. When ticket prices increase, people visit decreases.
But if we see over the years, both park attendance and ticket prices are risen. This may be due to increase in income, growth in infrastructure development, increase in population and many other factors.
But if we see over the years, both park attendance and ticket prices are risen. This may be due to increase in income, growth in infrastructure development, increase in population and many other factors.
Microeconomics 19th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
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