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5) Assume that the income elasticity of demand for tickets is +2.5. Also assume that the average household in the community makes $20,000 per year and that about 6000 tickets are sold per year. Now let the average household income go up to about $22,000 per year. Now how many tickets do you expect to be sold in a year? (See Chap 3, p. 87)

Fig: 1