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Elasticity :sample question
A baseball team is trying to predict ticket sales for the upcoming season. They are also considering increasing prices. the elasticity of ticket sales with respect to the size of the population is estimated to about 0.7. briefly explain what this number means?
If the local population increases from 60,000 to 61,500 what does this mean for ticket sales?
currently the ticket price is $10. The price elasticity of demand for tickets is -0.60. Compute the predicted change in tickets sold if the price were raised to $11. Also what is the expected change in total revenue?
The typical fan also consumer $8 worth of refreshments at a game. Would raising ticket prices to $11 increase or decrease overall total revenue (ticket revenue and refreshment revenue)? How much would it go up or down?
the size of the governments debt and the size of the budget deficit indicate potential problems for the economy.
In Gelate, Pennsylvania, the market for compact discs has evolved as follows. There are two firms that each use a marquee to post the price they charge for compact discs.
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In a perfect capital market, advices for a corporate financial manager on making capital structure decisions.
Suppose that natural real GDP is constant. For every 1 percent increase in the rate of inflation above its expected level, firms are willing to increase real GDP by 2 percent.
Japan has traditionally had an employment system characterized by a "lifetime" employment relationship between employer and employee and salaries that are based on length of service with the employer-starting low
Consider economy that is above full-employment equilibrium (natural rate of output) because of an increase in AD. Prices of productive resources have'nt changed. With the help of graph
What is the difference between contractionary and expansionary monetary policy?
How would you characterize the market for crude oil production? Explain your answer. Explain the long run profit behaviour of firms in this kind of industry.
The FCC has hired you as a consultant to design an auction to sell wireless spectrum rights. The FCC indicates that its goal of using auctions to sell these spectrum rights is to generate revenue.
How income may change savings behavior
Give the utility function U(x, y) = (x-4) 1/2 (y-2)- 1/2 , what is the minimum income needed to ensure positive utility?
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