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The following equation represents the weekly demand that a local theater faces. Qd = 2000 - 25 P + 2 A, where P represents price and A is the number of weekly advertisements.
Presently the theater advertises 125 times per week. Assuming this is the only theater in town, and its marginal cost, MC, is equal to zero,
a. Determine the profit maximizing ticket price for the theater.
b. What is the price elasticity of its demand at this price?
c. What is the elasticity of its demand with respect to advertising?
d. Now suppose the theater increases the number of its ads to 250. Should the theater increase its price following this ad campaign? Explain.
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Now suppose the economists allow for crowding out. Illustrate what would their new estimate of the MPC be larger or smaller than their initial one.
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Critics of this approach countered that a “zigzag path” that leads to new knowledge about economic phenomena or economic problems is clearly preferable to a “precise path” that leads only to endless refinement of what is already known. What is you..
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illustrate what happens to economic output and inflation and explain why these changes take place.
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