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A minor league baseball team is in the process of determining its ticket pricing policy. Past data suggests the following ticket sales elasticities: ticket price -0.6 ; refreshment price -0.2; and local population 0.7.
a. If the local population increases from 60,000 to 61,500, what will be the impact on ticket sales? What if refreshment prices rise 40% on average?
b. Currently, an average fan pays an average ticket price of $5.00 and consumes $4.00 worth of refreshments at the game. Management is thinking of raising the average ticket price to $5.50. Compute the percentage changes in (1) tickets sold, (2) ticket revenue, and (3) total revenue from admissions and refreshment sales.
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