Answers should be in complete sentences. Thoroughly explain your answer
Charlie is a big New York Giants fan. He gets a call from his friend, Jimmy, who tells him he can get three tickets to the next home game. Each ticket costs $250. Charlie says, "Yes! I will definitely go with you! I can’t wait to see the game!" Charlie calls his friend, Sebby, and tells him about the tickets and asks if he wants to go. Sebby says, "Are you kidding? $250?! I can watch it on TV for free. Forget it!"
What does this scenario illustrate about the economic concept of utility? How do Charlie and Sebby see the utility of going to the game differently?
2.What does the "price elasticity of demand" measure? What does a price elasticity coefficient of 1.2 mean? Does the product have an elastic, unitary elastic or inelastic demand?