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Yellowtone National Park Case Study

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Problem 1

When and if the Interior Department announces to go through with an increase concerning ticket sales to America's Yellowstone National Park their end goal would be that revenues would increase from the price hike together in the same direction (Thomas & Maurice, 2010). Furthermore, the change in demand would be significantly low in percentage (Thomas & Maurice, 2010). The outcome would then be inelastic (Answer: B), inelastic means that price and revenue (in this case) moves together and quantity demand only decrease by a small percentage (Thomas & Maurice, 2010). Reference:
Thomas, C. & Maurice, S., (2010) Managerial Economics, McGraw-Hill/Irwin, 10th edition, 2008.

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