A baseball team plays in a stadium that holds 50000 spectators. With the ticket price at $10 the average attendence has been 22000. When the price dropped to $8, the average attendence rose to 25000. Assume that attendence is linearly related to ticket price. What ticket price would maximize revenue? $
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- A baseball team plays in a stadium that holds 70000 spectators. With the ticket price at $12 the average attendence has been 30000. When the price dropped to $11, the average attendence rose to 35000. Assume that attendence is linearly related to ticket price.What ticket price would maximize revenue? $A car show sells 100 tickets for $10 each. The car show wants to increase the price to increase the revenues. But, They have notice that the ticket sales decrease by 5 tickets each time the price increases by $5. What is the revenue equation? and What is the maximum revenue?Question 20.span>20. Refer to the information and assume the stadium capacity is 5,000. The supply of seats for the game Price per Ticket Quantity Demanded $13 1,000 11 2,000 9 3,000 7 4,000 5 5,000 3 6,000 varies inversely with ticket prices. varies directly with ticket prices. is perfectly inelastic. is perfectly elastic.
- The underground fare in your town has just been increased from a current level of $1.00 to $1.20 per ride. As a result, a 10 per cent decline in the number of passengers was noticed. a) Compute the price elasticity of demand for underground rides. Answer (enter a numerical value): b) Would you expect an increase or a decrease in revenues resulting from this price change? Answer (select): c) If the fare was reduced back to $1.00, what impact would you expect on the number of passengers? Answer (select):demand for a product is related to its selling price P (in dollars) by the equation n=2800-100p where n is the number of fans that can be sold per month at a price P. Find the selling price that will maximize the revenue.Question 20.span>20. Refer to the information and assume the stadium capacity is 5,000. The supply of seats for the game Price per Ticket Quantity Demanded $13 1,000 11 2,000 9 3,000 7 4,000 5 5,000 3 6,000 varies inversely with ticket prices. varies directly with ticket prices. is perfectly inelastic. is perfectly elastic. Question 21.21. Which of the following goods (with their respective income-elasticity coefficients in parentheses) will most likely suffer a decline in demand during a recession? Dinner at a nice restaurant (+1.8) Chicken purchased at the grocery store for preparation at home (+0.25) Facial tissue (+0.6) Plasma-screen and LCD TVs (+4.2) Question 22.22. The following cost data are for a firm in the short run: Output Total Cost 0 $400 1 500 2 550 3 600 4 650 5 700 What is the firm’s average variable cost at an output of 5 units? $30 $60 $120 $140 Question 24.24. v Any…
- Your company receives 40 excess copies of a book. You plan to sell these books in two markets: directly in the store or sell them on ebay. Here are the two demand equations: Store Demand: P_S = 200 – 2Q_S PS=200–2QS Ebay Demand: P_E = 250 – 5Q_E PE=250–5QE If your goal is to maximize total revenue, how many books will you sell on ebay?Suppose the average age of Stanford Alumni increased at the same time the smaller stadium was built and the income elasticity of ticket sales is .5 Group of answer choices Tickets are an inferior good. If income increases with age, it is more likely the smaller stadium will increase total revenue because any increase in ticket revenue from the increase in prices will be reinforced by an increase in ticket sales from the higher income of Stanford Alumni. If income increases with age, it is less likely the smaller stadium will increase total revenue because any increase in ticket revenue from the increase in prices will be offset by a decrease in ticket sales from the higher income of Stanford Alumni.if the income elasticity of the product is less than 1. During an economic crisis a reasonable manager will likely a. Realize that it is an inferior good and will request BOT to convert the product to a normal good b. Request for an increase in production c. All of the choices are reasonable d. In an economic crisis, a good manager need to conduct analysis and evaluation. We cannot manage what we cannot measure. e. Request for a decrease in production
- What is the law of demand? A) As the price of a good increases, its demand decreases B) As the price of a good increases, its demand increases C) Demand remains constant regardless of price changes D) Demand is directly proportional to supply Don't use chatgpt otherwise give 20 downvotes Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.A firm produces a steel bar. When the price of the steel bar is $ 30,000, the quantity demanded is 8 metric tons, a 100% change in the price would change the quantity demanded by 25%. At what price should the firm sell its product to maximize its total revenue?A theater company presents a play in a theater with a capacity of 2,000 spectators. With the ticket price at $20, the average attendance at recent games has been 1,000. Market research indicates that for every dollar the ticket price drops, attendance will increase by 100. Identify the feature that maximizes ticket revenue.