Answered: Ticket Attendance, Price Thousands…

Ticket Attendance, Price Thousands Polnt $50 $50 40 4 40 30 8 P = 50 – 2.50 20 12 10 16 e 30 20 20 e Ticket demand 10 8 12 16 20 Attendance In thousands (Q) Ticket price (P)

Economics Today and Tomorrow, Student Edition

1st Edition

ISBN:9780078747663

Author:McGraw-Hill

Publisher:McGraw-Hill

Chapter3: Your Role As A Consumer

Section3.3: Consumerism

Problem 5R

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Question

Look at Figure, which shows the inverse relationship between ticket prices and game attendance at Gigantic State University. (a) Interpret the meaning of both the slope and the intercept. (b) If the slope of the line were steeper, what would that say about the amount by which ticket sales respond to increases in ticket prices? (c) If the slope of the line stayed the same but the intercept increased, what can you say about the amount by which ticket sales respond to increases in ticket prices?

Ticket
Attendance,
Price
Thousands
Polnt
$50
$50
40
4
40
30
8
P = 50 – 2.50
20
12
10
16
e
30
20
20
e Ticket
demand
10
8
12
16
20
Attendance In thousands (Q)
Ticket price (P)

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