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You are on a committee that is considering ways to increase the revenue your city’s art...

You are on a committee that is considering ways to increase the revenue your city’s art gallery. Under what circumstances would you recommend increasing the entrance charge for the art gallery? Explain briefly.


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Answer : The elasticity of demand determines the changes in price level which is responsible for changes in revenue. If the demand is elastic then decrease in price level increase the firm's revenue. If the demand is inelastic then increase in price level increase the firm's revenue. So, as a committee member of city's art gallery I will recommend to increase the entrance charge if the demand for city's art gallery is inelastic. Because this will increase the revenue for city's art gallery.

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