1 in the spring schoolnbsp is sponsoring a concert

Assignment Help Microeconomics
Reference no: EM13372786

1) In the spring school  is sponsoring a concert featuring the band.  The University has determined that the demand for tickets in the area is:

P = 30 - 0.01Q

The cost of throwing this concert is a fixed amount of $22,000 (that pays for the band, security, a stage, etc.)

a. What price should do you charge if it wants to maximize its revenue from this concert? And, how much revenue will it receive?

b. What price should you charge if it wants to maximize attendance?  How much revenue will it receive? And, how many people should they expect to see attend the concert at this price

c. What price should you charge to maximize its profits and how much profit will it receive?

Reference no: EM13372786

Questions Cloud

A firm produces digital watches on a single production line : a firm produces digital watches on a single production line serviced during one daily shift the total output of watches
Part-1a software company decided to build a larger factory : part-1a software company decided to build a larger factory at a cost of 50 million that would be operational for 5
You have been hired in the finance department at a large : you have been hired in the finance department at a large metropolitan for-profit hospital. your duties are very
1 a consider a demand curve of the form qd20-2p also : 1. a consider a demand curve of the form qd20-2p. also consider a supply curve of the form qs2p-4. graph both curves
1 in the spring schoolnbsp is sponsoring a concert : 1 in the spring schoolnbsp is sponsoring a concert featuring the band.nbsp the university has determined that the
Suppose that omars marginal utility for cup of coffee is : suppose that omars marginal utility for cup of coffee is constant at 2.5 utils per cup no matter how many cup he
A answer the following questions using the aggregate : a answer the following questions using the aggregate expenditures model of the economy described below. c 80 .6yd t
Consider a perfectly competitive market in long-run : consider a perfectly competitive market in long-run equilibrium where all firms operate under the same cost conditions.
Suppose that omars marginal utility for cup of coffee is : suppose that omars marginal utility for cup of coffee is constant at 2.5 utils per cup no matter how many cup he

Reviews

Write a Review

Microeconomics Questions & Answers

  What is the expected demand for gasoline at the end of this

At the beginning of this year, daily consumption of gasoline in the US amounted to 344 million gallons. It is estimated that for every 10% increase in the price of gasoline, the demand for gasoline reduces by 2.00%.

  What are the decision variables

Draw a network that depicts the company's distribution network. Identify the supply nodes, transshipment notes, and demand nodes on the network.

  What is a reason for diseconomies of scale

The Big Box Company is a firm in a perfectly competitive industry. The average rate of return on capital in this industry is 10%. Thus, if the Big Box Company earns a 10% rate of return.A perfectly competitive firm is charging $7 and selling 1500 u..

  Monopolists profit maximization problem

What subsidy is necessary to induce the monopolist to produce the socially optimal level of output?

  How to continue producing at the current output level

A firm is currently producing in the elastic portion of its demand curve. What course of action do you recommend for it assuming it wants to raise revenue Continue producing at the current output level

  Explain distribution and transportation issues

Legal Issues- do you follow US law or Switzerland 8. International Franchising- any issues 9. Intellectual Property considerations 10. Completion of import documents needed for entry into the U.S. to include the tariff classification number and i..

  What happens in the market for oil

When war broke out in the Middle East, many markets were affected. Most of the worls's oil production takes place in this region and what happens in the market for oil; and (ii) what happens in the market for sports utility vehicles as a result of ..

  Kind of automobiles manufactured by hyundai

Discuss the prospects for demand for the kind of automobiles manufactured by Hyundai in two countries: China and Turkey.

  Which statewide sample survey is to be made

a statewide sample survey is to be made. first, the state is subdivided into countries. Seven countries are selected at random and further sampling is concentrated on these seven countries.

  Classification of markets for drinks

Among perfect competition, monopolistic competition, oligopoly, and monopoly, how would you classify the markets for each of teh drinks.

  What will be the deadweight loss

The government dislikes smoking, and likes tax revenue. If they wanted to increase the after-tax price to $10 per pack, what size of excise tax must be placed on sellers? How much revenue will it raise? What will be the Deadweight Loss?

  Part-11theory of the firmaif in an efficient brewing

part-11.theory of the firmaif in an efficient brewing industry firms operating at lowest possible average cost produce

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