What are some ways for increase revenue, Microeconomics

Assignment Help:

You've been contacted by a local semi-professional team in Colfax, known locally as the Colfax Thunder. They play their home games at the HS baseball park for only $100 per month. They split the concession stand revenue with the school district 50/50, but get to keep all the merchandise sales for themselves. The season lasts 3 months with 2 home games per month, playing games against teams in the Pacific Northwest, including the Pullman Pirates, the Lewiston Lapdogs, and the Spokane Seawolves. The following are questions that the management team are asking you because they knew you took a sports economics class at WSU. Please answer the questions thoughtfully, and with detail to economic principles.

1. "We don't understand all this supply and demand stuff you're telling us. Can you draw us a graph to make it more clear? We like to think of our product as the attendance."

2. "Wait, I'm confused, the Pullman Pirates are a substitute for our team? What does that mean? What happens if we raise our prices? Are there any other substitutes in the area?"

3. "We're selling all our tickets right now for $10 each. We have roughly 30 people come to our games, and they each spend another $7 on average for concessions. Our payroll is only $500 per home game. We don't make any payments during away games. Our accountant mumbled something about our demand is inelastic. What does that mean, and what should we do? How much pro?t are we making each season?"

4. "How many tickets do we need to sell for each game in order to break even (zero pro?t)?"

5. "What are some ways we can increase revenue, we need to know at least 3 unique ways to increase revenue."

6. "Someone mumbled something about price discrimination in the bathroom the other day, isn't that illegal? How does that work?"


Related Discussions:- What are some ways for increase revenue

Reverse logistic behaviour of supply chain, Purpose: this case is intended ...

Purpose: this case is intended to model supply chain, especially the reverse logistic behaviour. Description: In Cal Poly Pomona, TOM301 (Operations Management) is a core cou

Credit squeeze, Credit Squeeze:At times private banks become reluctant to i...

Credit Squeeze:At times private banks become reluctant to issue new credit andloans, frequently because they are worried about risk of default by borrowers. This is common at the t

Marginal Revenue, (i) When the demand function is 2Q - 24 + 3P = 0, find th...

(i) When the demand function is 2Q - 24 + 3P = 0, find the marginal revenue when Q=3. (ii) Given the demand function 0.1Q - 10 +0.2P + 0.02P2 =0, calculate the price elasticity of

Statistics, please can you explainn what "down 0.1 percentage point on the ...

please can you explainn what "down 0.1 percentage point on the quarter means"?

Explain the economic principle, Various studies have concluded that the dem...

Various studies have concluded that the demand for movie cinema attendance is responsive to advertising.  A study of one company, with movie cinemas in three neighbouring towns, sh

Price system, Price System: Demand is the quantity of a commodity that...

Price System: Demand is the quantity of a commodity that consumers are willing and are able to buy at a given price at a given time period when all other things remain the sam

General equilibirium, What is the theory of second best? Prove the theorem ...

What is the theory of second best? Prove the theorem with the help of a diagram

Role of government in a market based economy, 1) What are the most importan...

1) What are the most important challenges that economists try to address? (2) What is the role of government in a market based economy?  (3) Who are the main economic players

Write Your Message!

Captcha
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