Calculate the predicted change in tickets sold

Assignment Help Macroeconomics
Reference no: EM1327652

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?

 

Reference no: EM1327652

Questions Cloud

Draw data flow diagrams from the given situation : Blue Skies Airline, Drawing data flow diagrams from the given situation - Please draw the data flow diagram by hand and document all the components. (external entities, data stores, processes, and data flows) in the DFDs.
Employees and indepdent contractors : Is it possible for an employer to reclassify all of his employees as independent contractors? If so why or why not?
Make a set of powerpoint slides : make a set of PowerPoint slides.
Explain legal issues of e-business : Explain Legal issues of E- business and Pick a company that is conducting e business on a international basis
Calculate the predicted change in tickets sold : Calculate the predicted change in tickets sold if the price were raised to $11. Also elucidate the expected change in total revenue.
Explain the role of it in a networked economy : The move to the networked economy has fundamentally changed the role of IT in the organization and the way IT should be managed
Creating a motivational environment to achieve success : Creating a motivational environment or a scenario that allows salespeople to achieve success can be accomplished through many methods.
How to use the same naming conventions : how to use the same naming conventions and that their programs work together even though they are created independently.
Show how business use of it : Show how business use of IT has evolved during the past 50 years. Address the evolution of hardware, languages, etc., and how these developments have led to new technologies,

Reviews

Write a Review

Macroeconomics Questions & Answers

  The size of the governments debt and the size of the budget

the size of the governments debt and the size of the budget deficit indicate potential problems for the economy.

  Oligopoly market structure

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.

  Elucidate the law of increasing opportunity costs

Production procedures elucidate the law of increasing opportunity costs.

  Capital structure decisions in perfect capital markets

In a perfect capital market, advices for  a corporate financial manager on making capital structure decisions.

  Graphing the short run philips curve

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.

  Lifetime employment system in japan

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

  Describing potential gdp with diagrams

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

  Contractionary and expansionary monetary policy

What is the difference between contractionary and expansionary monetary policy?

  Explaining cooperative behaviour in crude oil market

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.

  Evaluation of decisions

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

How income may change savings behavior

  Calculate minimum income to ensure positive utility

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?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd