Price Elasticity, Microeconomics

Assignment Help:
About four years ago, Kanye West performed at the UIC Pavilion. General admission tickets were priced at $30. Concert promoters say that price elasticity of demand for general admission concert tickets was
-1.5. Although this show was sold out, concert promoters estimate that they could have sold 30% more general admission tickets if space allowed. How much could the concert promoters have raised the price of a general admission ticket (in dollars) and still maintained a sell-out (assuming all the other demand factors are held constant)?

Related Discussions:- Price Elasticity

Elasticity of demand, "Assume the local fixed telecommunications company is...

"Assume the local fixed telecommunications company is a monopoly. It costs the company €2 per month to give voice messages service to a customer. Elasticity of demand for voice mes

Price crimination, (i) Define the three types of price discrimination, clea...

(i) Define the three types of price discrimination, clearly stating the different information requires of each type of discrimination. (ii) Find a real-world example of second-degr

Demand curve for a consumer for coffee, Suppose the demand curve for a cons...

Suppose the demand curve for a consumer for coffee is: Q = 6 – 2P, where Q represents the number of cups per day and P is the price of coffee per cup.   Question: Suppose the

Reverse logistic behaviour of supply chain, Purpose: this case is intended ...

Purpose: this case is intended to model supply chain, especially the reverse logistic behaviour. Description: In Cal Poly Pomona, TOM301 (Operations Management) is a core cou

Calculate the traditional net present value, Fiera Corporation is evaluatin...

Fiera Corporation is evaluating a new project that costs $45,000.  The project will be financed using 40% debt and 60% equity, thus maintaining the firm's current debt-to-equity ra

Marginal revenue productivity theory, Question 1: i) Derive and explain...

Question 1: i) Derive and explain Harberger's (1954) welfare loss estimates of monopolizing a perfectly competitive firm. ii) What are the roles of advertising? Can it lead

Increasing Economic Inequality, What are the economic implications of incom...

What are the economic implications of income inequality? How can economic theory be helpful to analyze the causes and impact of income inequality? What are the concerns and how can

.redox, how to write an half equation

how to write an half equation

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd