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A minor league baseball is in the process of determining its ticket pricing policy. Past data suggests the following ticket sales elasticities: ticket price: -0.6; refreshments price -0.2; local population 0.7a) if the local pop 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 fans pay ave ticket price $5 and consumes $4 worth of refreshments at the game. Management thinking of raising the ticket price to $5.50. Compute the % in 1) tickets sold 2) ticket revenue 3) total revenue from admissions and refreshment sales
Choose two firms from different industrial sectors, e.g. high tech computers, health, customer non durables, cyclical etc.
Assume a firm is a monopsonist that can hire its first worker for $6 but must increase the wage rate by $3 to attract each successive worker (so that the second worker must be paid $9, the third $12, and so on). The marginal revenue product of lab..
Suppose 500 people were surveyed, and of those 500, 450 were working full time. Of the 50 not working, 10 were full-time college students, 20 were retired, 5 were under 16 years of age , 5 had stopped looking for work because they believed there w..
If the industry is regulated and the regulatory authority forces Widget Corp. to earn only a normal return on investment (which is included in its cost function), what is the resulting equilibrium price and quantity. Where W represents the number ..
where K represents capital equipment and L is labor. Your company owns 4 units of capital equipment and does not have the flexibility needed to acquire additional equipment (that is, capital is fixed at K = 4). Your company is currently employing ..
Suppose you are a painter, and the price of a gallon of paint increases from $3.00 a gallon to $3.50 a gallon. Your usage of paint drops from 35 gallons a month to 20 gallons a month. Perform the following: 1.Compute the price elasticity of demand ..
MGM is trying to decide how to price the re-release of the "Terminator" and "Honey I Shrunk the Kids." The following table identifies the willingness to pay for the movies by three theatres. The marginal cost of providing either movie is $5.
Define Q to be the level of output produced and sold, and assume that the firm's cost function is given by the relationship TC = 20 + 5Q + Q2 Furthermore,assume that the demand for the output ofthe firm is a function of price P given by the relations..
American Pulp Corp. (APC) has entered into a contract to harvest timber for $450,000. The total estimated available harvest is 150 million board-feet. What is the depletion allowance for years 1 to 3 if 42, 45, and 35 million board-feet are harvest..
The market shares below are hypothetical and should not be cited in any paper you write in a future business class. General Motors = 24% Toyota = 20% Ford = 16% Honda = 12% Chrysler = 10% BMW = 7%
Julia can fix a meal in 1 hour, and her opportunity cost of one hour is $50. Jacque can fix the same kind of meal in 2 hours, and his opportunity cost of one hour is $20. Will both Julia and Jacque be better off if she pays him $45 per meal to fix..
Suppose the department of Justice, Antitrust division takes Muncie Christmas tree cartel to court, arguing that the cartel is creating deadweight loss. It is beyond a doubt true that the cartel is acting monopolistically.
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