At the start of the 2022–23 theatre season, the average ticket price for West End productions in London increased by 8%. During the 2022–23 season, audience attendance fell by 6%.
With reference to the data provided, calculate the price elasticity of demand for West End theatre tickets. You are advised to show your working.
119 exam-style questions on Edexcel A A Level Economics 1.2.3 Price, income and cross elasticities of demand. Each one has a worked solution and a mark scheme showing where the marks go.