If a university decreases the price of tickets to football games to collect more revenue, it is assuming that the demand for tickets is: a. price-inelastic. b. unstable. c. price unit-elastic

The correct answer is letter "C": price unit-elastic.

Explanation:

Elasticity is the feature of goods and services by which their quantity demanded changes as long as their prices change. Elasticity is calculated by dividing the change percentage in quantity demanded by the change percentage in price. When the result is a figure equal to or greater than 1, the demand is elastic. If the figure is lower than 1, the demand is inelastic.

Thus, the university is assuming the football game price ticket per unit is elastic since they believe that decreasing the tickets causes the quantity demanded will increase generating more revenue.

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