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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?
Calculate the book price and quantity effects of the local 8% sales tax. With perfectly elastic demand, who pays the economic burden of such a tax?
Describe the law of diminishing returns. Then discuss why you agree or disagree with following statements.
If an owner of a industry wanted to make a trip for non-business use and their lost wages was not tax-deductible.
What is the amount of loans from rest of the world? What is the current account balance? What is capital account balance?
In providing assistance to the states like Washington has in the past attached strings which have dictated state legislation.
Assume x and y are the only two goods a person consumes. If after a rise in p x , the quantity demanded of y decreases, one could say
Shelly's preferences for consumption and leisure can be expressed as. This utility function implies that shelly's marginal utility of leisure is C-200 and her marginal utility of consumption is L-80.
A firm has estimated the following demand function for its product: Calculate the advertising elasticity of demand and explain its meaning.
Suppose that workers and firms could always predict next year\'s price level with perfect accuracy.
Explain how is it that monetary policy, such as open market operations.
Suppose that deterioration in the education level of the U.S. population reduces the marginal product of labor.
Decide if the values of the goods produced are included in the 2006 GDP and explain your reasoning.
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