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There is often only one major league baseball team in a city. What effect does this have on ticket prices?
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- If the demand curve for NFL tickets is P = 250 - 0.5Q Find the point of elasticity of demand at P = 235 and Q = 30 Is the demand elastic or inelastic at this point? Why?According to the readings, which of the following would likely NOT occur if college athletes could be paid in competitive markets? a. College coaches would earn lower salaries b. Subsidies from the academic side could increase c. Ticket prices would rise to cover the players’ salaries (assuming fan demand is unchanged) d. Fewer universities would have football programsThe figure shows the demand curve for a PlayStation game. The price elasticity of demand when the price increases from $30 to $50 is ________. 5/3 1.67 1 3/5
- Some NHL hockey teams have struggled with attendance (even before the Coronavirus outbreak). It has been suggested that if these NHL hockey teams would lower ticket prices, they could increase revenue from ticket sales. This suggestion is based on which of the following assumptions? a. there are no good substitutes for NHL hockey b. demand for NHL hockey is price elastic c. demand for NHL hockey is price inelastic d. demand for NHL hockey is unitary elastic Question: Pick two of the incorrect answers from the above options and explain, in words, why those answers are incorrect.Sanford stadium has 90,000 seats. What is the shape of the supply curve for tickets to football games at that stadium? ExplainHow do market frictions, such as long online queues and error messages, affect the supply and demand for tickets, and what impact does this have on the market?
- For each question,start with a supply and demand graph of the market for tennis rackets. What happens to supply or demand in each scenario? Explain why and show on graph labeling the new equilibrium point.For each question start with a supply and demand graph of the market for tennis rackets. What happens to supply or demand in each scenario? Explain why and show on graph labeling the new equilibrium point.Some NHL hockey teams have struggled with attendance (even before the Coronavirus outbreak). It has been suggested that if these NHL hockey teams would lower ticket prices, they could increase revenue from ticket sales. This suggestion is based on which of the following assumptions? a. there are no good substitutes for NHL hockey b. demand for NHL hockey is price elastic c. demand for NHL hockey is price inelastic d. demand for NHL hockey is unitary elastic
- Describe how each of the following will affect the demand for television sets a) a rise in incomes ( assuming televisions are considered to be normal good.) b) A higher expected future prices for television sets. c) Olympic is starting in next month, and the nation is crazy to watch Olympics.Suppose demand for popcorn at the concession stand increases from 200 boxes per game to 230 boxes per game when the price decreases from $3.00 to $2.50. Using the point price elasticity, what is the price elasticity of demand for popcorn?nee Question 1. You are the pricing manager for a professional football team. Your stadium can seat 70,000 spectators. The marginal cost of selling another ticket (and thereby seating another spectator) is $0. Therefore, you are primarily interested in maximizing total revenue. For each of the following scenarios give the revenue-maximizing price. a. The demand for tickets at each game is 120,000 − 5,000p. b. The demand for tickets at each game is 120,000 − 4,000p. c. The demand for tickets at each game is 200,000 − 5,000p. d. The demand for tickets at each game is 180,000 − 4,000p.
