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A minor league baseball team is trying to predict ticket sales for the upcoming season and is considering changing ticket prices. a. The elasticity of ticket sales with respect to the size of the local population is estimated to be about 0.7. Briefly explain what this number means. If the local population increases from 60,000 to 61,500, what is the predicted change in ticket sales? b. Currently, a typical fan pays an average ticket price of $10. The price elasticity of demand for tickets is _0.6. Management is thinking of raising the average ticket price to $11. Compute the predicted percentage change in tickets sold. Would you expect ticket revenue to rise or fall? c. The typical fan also consumes $8 worth of refreshments at the game. Thus, at the original $10 average price, each admission generates $18 in total revenue for team management. Would raising ticket prices to $11 increase or reduce total revenue? Provide a careful explanation of your finding. (Hint: If you wish, you may assume a certain number of tickets sold per game, say 5,000. However, to answer the question the precise number of tickets need not be specified.)
A duopoly faces a market demand of p=120-q. Firm 1 has a constant marginal cost of MC1=20. Firm 2's constant marginal cost is MC2=40. Calculate the output of each firm, market output, and price if there is a Stackelberg equilibrium with firm 1 as t..
Suppose the government places a $15 per carton excise tax on cigarettes in an effort to reduce smoking. Cigarette producers are required to pay this tax out of their revenues. Draw the supply and demand graph based on the original supply and deman..
You determine the critical path consists of only five activities. You then compute the variances for the five critical path activities and these variances are 3,4,2,1 and 6 days. what is the probability that the project will be completed.
A contractor purchases a piece of equipment for $26,000. The equipment requires an average expenditure of $9.25 per hour for fuel and maintenance, and the operator is paid $15.50 per hour to operate the machinery. Find the average cost function.
Suppose we have a single-variable input production function such a Q=f(L), where L is the number of workers and Q the quantity of output per day. Workers are paid a flat salary of $200 per day.
Draw a histogram of household size variable. On the histogram, mark in the mean and median. Comment on the shape of the distribution and what are the mean and standard error of your sampling distribution
Daniel deposits $20,000 into an account earning interest at 6 percent per year compounded quarterly. He wishes to withdraw $400 at the end of each month. For how many months can he make these withdrawals
a. What is the real value of output (Q) Now assume that the Fed increases the money supply by 10 percent and velocity remains unchanged. b. If the price level remains constant, by how much will real output increase.
Whenever the price of any of the goods increase, Richard gives a call to his rich uncle who immediately transfers funds to him so that Richard's utility remains constant. Assume the price of burritos increased by 20%, and even after Richard is com..
Suppose there are 1,000 small farms in this industry. What will be the output per farm How much revenue will each farm earn If in fact the revenues are sufficiently high to yield handsome profits, how might competition change the happy situation
Determine the reaction function for each firm. Firm 1: Q1 = - Q2, Firm 2: Q2 = - Q1 b. Calculate each firm's equilibrium output. c. Calculate the equilibrium market price. d. Calculate the profit each firm earns in equilibrium.
Find the uniform annual amount that is equivalent to a uniform gradient series in which the first year's payment is $500, the second year's payment is $600, the third year's payment is $7000, and so on, and there is a total of 20 payments. The ann..
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