A minor league baseball team is trying to predict ticket sales for the upcoming season and is considering changing the ticket price. a. Currently, admission tickets are priced at $10. The price elasticity of demand for tickets is estimated to be –0.7. Management is thinking of raising the ticket price to $12. Compute the predicted percentage change in tickets sold. Would you expect ticket revenue to rise or fall? b. The typical fan also consumes $8 worth of refreshments at the game. Thus, at the original $10 ticket price, each admission generates $18 in total revenue (total here means revenue from tickets sales and refreshments, not just revenue from ticket sales). Would raising the ticket prices to $12 increase or decrease total revenue?