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Several years ago, James Todd Smith (a/k/a LL Cool J) performed at the United Center. General admission tickets were priced at $32. Concert promoters say that price elasticity of demand for general admission concert tickets was -1.6(i.e. E(P)= -1.6). Although this show was sold out, concert promoters estimate that they could have sold 20% more general admission tickets if space allowed. How much could the concert promoters have raised the price of a general admission ticket (IN DOLLARS) and still maintained a sell-out(assuming all other demand factors were held constant)?
Please explain in detail and show work,
For each of the following transactions, how much does US GDP increase? And how much, if at all, do consumption, investment, government purchases and net exports change? Peter Rich buys a 1928 painting by Pablo Picasso at an auction for $1 Million. In..
If it is easy for a firm to get into or exit from a market, then a firm in that market will be able to earn positive economic profits. When economic profit is positive,
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Calculate the following: Rate of Return and Calculate the following: Net Present Value Index
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In August 1994, a Mexican peso was worth 30 cents. A year later, it was worth only 16 cents since the political turmoil substantially increased the risk premium on Mexican assets. Using the Mundell-Fleming model,
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Calculate the t-statistics for each variable and explain what inferences can be drawn from them. If R2 of this equation is 0.25, what inference can be drawn from it?
What must be true about the price elasticity of demand if your proposal is to achieve its goal of raising revenue? Explain your answer.
q1. classify the equilibrium price.what would happen if suppliers charge less than the equilibrium price for your good
Illustrate what is the best measure of economic well being of individuals in society.
Suppose that, instead, the market quantity demanded at a price of $1.33 is only 75,000. How many firms do you expect there to be in this industry.
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