they did by lottery-for free. That left 53,000 New Yorkers without tickets. It was a scalper's heaven. Sinful resellers immediately started hawking tickets online. The free tickets were simpl mailed in a PDF to lottery winners, with no ID required, making them easy to resell. Scalped tickets sold for as much as $3,000 a pair. Although church officials urged scalpers to repent, the opportunity for profit was irresistible. Source: News accounts, September 2015 According to the News Wire, a. How large was the market shortage at the Church-set price of $07 b. If the Church had sold the tickets for $100, how would have quantity demanded changed? Quantity demanded would have likely c. If the Church sold the tickets for $100, would the market shortage have been larger or smaller? The market shortage would have likely been d. If the Church sold the tickets for the equilibrium price, would a market shortage exist? Sicke

they did by lottery-for free. That left 53,000 New Yorkers without tickets. It was a scalper's heaven. Sinful resellers immediately started hawking tickets online. The free tickets were simpl mailed in a PDF to lottery winners, with no ID required, making them easy to resell. Scalped tickets sold for as much as $3,000 a pair. Although church officials urged scalpers to repent, the opportunity for profit was irresistible. Source: News accounts, September 2015 According to the News Wire, a. How large was the market shortage at the Church-set price of $07 b. If the Church had sold the tickets for $100, how would have quantity demanded changed? Quantity demanded would have likely c. If the Church sold the tickets for $100, would the market shortage have been larger or smaller? The market shortage would have likely been d. If the Church sold the tickets for the equilibrium price, would a market shortage exist? Sicke

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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The CC’s are a major league basketball team CC’s charge $10 for a reserved seat ticket to any one of their 71 home games they play each year In addition, only before the season begins, the team offers to sell one and only one ticket book to each fan The ticket book contain 10 reserve seat tickets to any game for a total payment of$50 Using consumer theory, show why the CC’s sell the ticket book If CC’s tickets are an inferior good, could a fan end attending fewer games a year because of the ticket book offer? If CC’s tickets are a normal good, could a fan end up attending fewer games a year because of the ticket book offer? What does this suggests about the teamâ€™s belief concerning the income elasticity of demand for tickets?
I want you to please to solve this. It's super easy, and the deadline is in 1 hr. A student has a monthly budget of $120 to spend on eitherburritos, which cost $6 each, or sodas, which cost $4 each.1. What is the largest number of burritos that the studentcould afford to purchase in one month?2. What is the largest number of sodas the student couldafford to purchase in one month?3. Draw the student's budget constraint. Put burritos on thex-axis and sodas on the y-axis.Graded Assignment due Monday4. Which combinations of burritos and sodas are unaffordable--those tothe left of the line in the graph or those above the line in the graph? Why?5. Which combinations would leave some budget unspent - those to theleft of the line in the above graph or those to the right of the line in theabove graph?6. What is the equation for the student's budget constraint? In yourequation, use Q1 as the variable to represent the quantity of burritos andQ2 to represent the quantity of sodas.7. What is…
Time remaining:00 :09 :39EconomicsUse the following to answer questions (29) - (31):In the town of “One Horse” there is one movie theater. Two groups of consumers, adults (A) andchildren (C), attend this theater. Suppose the demand for movies by adults is given by:QA = 50 - 0.50PA, where PAis price ofan adultmovie ticket(in cents)and QAis the numberofmovie tickets sold to adults atthe theater. Suppose the demand for movies by children is given by:QC = 20 - 0.50PC,where PCispriceofa children’s movie ticket(in cents)and QCis the numberofmovie tickets sold tochildren atthe theater. Also, imagine totalcostis fixed at$450, thus makingmarginalcostofprovidingonemore movie ticket to either an adult or a child constant at zero.[29]Ifthe movie theateris able to price discriminate amongits two groups ofconsumers, then itshouldcharge a higher price to group A.A.TrueB.False[30]Ifthemovie theateris able to price discriminate amongits two groups ofconsumers, then itsmaximum profit is closest in value…
Suppose the administration of a University that is located a high-crime urban area mustdecide on a policy to increase policing on its campus. The student population is 10,500 students but iscould increase if crime is reduced. The cost of added policing in terms of additional salary and equipmentis estimated to be $2.4 million per year. Suppose the administration plans to make their decision with thehelp of a benefit cost analysis of the policy. VSL is $11.8 million a. Explain how the concept of Value of a Statistical Life might factor into a benefit cost analysis of thispolicy. b. How many lives would need to be save to justify the added policing costs if only prevented deathswere considered as the policy benefit? c. Suppose it is believed that student enrollment will increase in the future if crime on campus is reduced.Write a formula to calculate the present value of benefits of policing if student enrollment increases by4% each year.
ASAP!! Mr. Kamran Ali is building houses in Karachi. He has analyzed the market carefully, and he knows that at a price of Rs.12,000,000. (Rs.12 million) he will sell 8 houses per year. In addition, he knows that at any price above Rs.12,000,000. (Rs.12 million), no one will buy his houses because the government provides equal-quality houses to anyone who wants one at Rs.12,000,000. (Rs.12 million). He also knows that for every Rs.2,000,000. (Rs.2 million), he lower his price, he will be able to sell an additional 2 units. For example, at a price of Rs.10,000,000. (Rs.10 million), he can sell 10 houses; at a price of Rs.8,000,000. (Rs.8 million), he can sell 12 houses; and so on. Sketch the demand curve that Mr. Kamrans’ firm faces. Sketch the effective marginal revenue curve that his firm faces. If the marginal cost of building a house is Rs.10,000,000. (Rs.10 million), how many will he build and what price will he charge? What if MC = Rs.8,500,000. (Rs.8.5 million)?
Society might argue that there are cases in which it is appropriate to resist price increases in situations where scarcity is serious. Included would be the case of A. all of the responses are corret B. rising prices falling so heavily on the poor that rationig becomes preferable. C. unrestrained monopoly that would otherwise succeed in extracting funds from the public. D.taxes imposed on products capriciously and inappropriately
2. Determining opportunity cost Juanita is deciding whether to buy a suit that she wants, as well as where to buy it. Three stores carry the same suit, but it is more convenient for Juanita to get to some stores than others. For example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $104 for the suit: Store Travel Time Each Way Price of a Suit (Minutes) (Dollars per suit) Local Department Store 15 104 Across Town 30 87 Neighboring City 60 80 Juanita makes $36 an hour at work. She has to take time off work to purchase her suit, so each hour away from work costs her $36 in lost income. Assume that returning to work takes Juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. As you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. Complete the following table by computing the…
The president of LeTall University, President John, spends $30 per week on pizzas (qz)and beers (qb). At LeTall Pizza, his go-to pizza joint, pizza costs $3 per slice and beeralso costs $3 per can. Assume fractions of the goods are allowed.(a) Draw President John’s budget line (qb on the horizontal and qz on the vertical axis).(b) President John receives a coupon from LeTall Pizza. The coupon, which will expirein a week, allows him to buy a can of beer at a discounted price of $1 per can. Itis, however, only good for a dozen cans of beer. Draw President John’s budget lineunder the coupon. Label any critical points on the budget line.(c) In another week, LeTall Pizza offers a special deal for pizza. For every half dozenslices of pizza bought during the week, one can get two additional slices for free.Draw President John’s budget line under the special deal. Label any critical pointson the budget line.
a. A young connoisseur has $600 to spend to build a smallwine cellar. She enjoys two vintages in particular: a 2001French Bordeaux (wF) at $40 per bottle and a less expensive 2005 California varietal wine (wC) priced at $8. Ifher utility is U (wF, wC))=wF2/3 w C1/3 ,then how much of each wine should she purchase?b. When she arrived at the wine store, this young oenologistdiscovered that the price of the French Bordeaux hadfallen to $20 a bottle because of a decrease in the valueof the euro. If the price of the California wine remainsstable at $8 per bottle, how much of each wine shouldour friend purchase to maximize utility under thesealtered conditions?c. Explain why this wine fancier is better off in part (b)than in part (a). How would you put a monetary value onthis utility increase?