2 At the same time as the ticket price rise the manager reduced the price of soft drinks from 60p to 50p - sales rose from 600 units per week to 660 units (8 marks)
a) What is the PED for soft drinks?
b) Is this product price inelastic?
c) What is the effect on revenue of this price reduction?
d) Was it wise for the cinema to reduce soft drink price?
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