Economics 9708 · AS & A Level · Income elasticity of demand

Income elasticity of demand — practice question

A well-known band is scheduled to perform at a music concert in a venue with a 5000-seat capacity. Recent performances and the launch of a new album have increased the band's popularity further. D1 and S show the original demand and supply curves for concert tickets, and D2 shows the new demand curve. Which diagram most accurately shows the likely result in the market for concert tickets?

  • A[IMAGE:9708_s22_qp_11_p4_diagram_4]
  • B[IMAGE:9708_s22_qp_11_p4_diagram_1]
  • C[IMAGE:9708_s22_qp_11_p4_diagram_3]
  • D[IMAGE:9708_s22_qp_11_p4_diagram_2]

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