Please in a short paragraph, write your answer for the question: Historically, amusement parks attendance and...
Please in a short paragraph, write your answer for the
question:
Historically, amusement parks attendance and ticket prices have
both risen. Is it consistent with the Law of Demand? What are other
then price factors that influence people decision to visit the
parks despite the price?
Homework Answers
Increase in amusement parks attendance and ticket prices, is consistent with law of demand because law of demand states that increase in price leads to decrease in quantity demanded with EVERYTHING ELSE REMAINS THR SAME. There must be increase in demand for amusement parks for each given level of price which exerts upward pressure on prices.
Demand for amusement parks can rise due to the following reasons-
Increase in income- this leads to increase in expenditure by consumers leading to increase in demand.
Change in taste- over time people have developed a taste of amusement in the form of amusement parks.
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