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Suppose you are the manager of the only theatre in town that plays Shakespeare. You found that the quantity demanded for your tickets decreases from 160 to 150 when the ticket price increases from $44 to $49.
(a) What is the price elasticity of demand for your tickets? Show your calculation, using the midpoint method.
(b) Explain the meaning of the elasticity calculated in (a) above.
(c) Why do you think your tickets have the elasticity calculated in (a) above?
(d) Would the elasticity calculated in (a) above apply to everyone in town? Why or why not?
Suppose that there are two markets, given by the following demand curves, q1(p1) and q2(p2); and a monopolist with cost function c(q1, q2). Solve for the first-order conditions to characterize the optimal solution when the monopolist serves both mark..
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Illustrate what is the estimated KWH also illustrate what is the interval which would contain 95 percent of such estimates.
q.assume there are 2 products clothing as well as soda. both brazil plus the us produce each product. brazil
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its lenders requested that the firm disclose full information about its revenues and costs. Elucidate why Brownstown's management was reluctant to release this information to its lenders.
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