If the Anaheim Ducks acquire a star player or two, the demand for their tickets will rise. This will cause the price of their tickets to increase and the amount of tickets sold to increase. O True False
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- The following table describes the demand for season tickets at Powerhouse University, a perennial football power Price per ticket per game Tickets Demanded $80 105,000 $90 100,000 $100 93,000 $110 85,000 $120 75,000 Currently the stadium seats 75,000 and season tickets are priced at $110. if the university expands the stadium to seat 90,000 and they do not raise ticket prices, by how much will revenue increase per game?Stephen Duford says he skipped the game with rival Toronto because of the price increases. "I do not agree that I have to pay extra to see certain teams," he says. "I don't pay less for teams that usually don't draw." What do you know about Mr. Duford's demand (willingness and ability to purchase) for tickets to see the Senators play Toronto?The figure shows the demand curve for a PlayStation game. The price elasticity of demand when the price increases from $30 to $50 is ________. 5/3 1.67 1 3/5
- The supply and demand schedules for tickets to basketball games in town of Oakwood are given in the table below.Price Quantity DemandedQuantity Supplied$65,0002,00074,0002,00083,0002,00092,0002,000101,0002,000The stadium owners need to find the optimum price for the games.What are the coefficients of elasticity of supply and demand if the price is raised from $6 to $8?The supply and demand schedules for tickets to basketball games in town of Oakwood are given in the table below.Price Quantity DemandedQuantity Supplied$65,0002,00074,0002,00083,0002,00092,0002,000101,0002,000The stadium owners need to find the optimum price for the games.What are the coefficients of elasticity of supply and demand if the price is raised from $6 to $8? Characterize the demand and supply for tickets based on the calculated elasticies. What is the optimum price that the stadium owners can set for the tickets? Why is the selected price for the tickets better than other prices given in the table above?Your Best Brand Bike Shorts-BBB Shorts have been flying off the shelf. Your chiefeconomist tells you that during the Covid-19 pandemic, the taste for bicycling has shifted. Thedemand curve is much more inelastic. The price elasticity of demand has decreased from:-5.76 to -2.70.”Before the campaign your price was $240 per pair of BBB Shorts. What should bethe new price? Please show calculations.
- The price elasticity of demand for uber rides is 0.5, the income elasticity of uber rides is - 0.2 and cross price elasticity of demand for uber rides with respect to petrol is 0.2. Comment on elasticity of demand for uber rides give your reason?what is elasticity?I 60 50 40 30 20 10 Comerica Park: 42,000 Capacity 10000 20000 30000 MC 40000 DL DH MRL MRH MRL and DL are for low-demand games. MRH and DH are for high-demand games. Based on the graph above, what is the total revenue for both games (high and low demand games) if the price is set at the high- demand price level?
- If Omer has sport hall for adults and children. The currently price per ticket is OR 5 for everyone (adults and children). His friend Ali who studied economics course in CCBA advises him that there may be another way of increasing your total revenue. Given the demand curves (adult demand and child demand) shown, Adult Demand Child Demand Price Price $10 $10 8. 7 7 6 5 4 3 3 2 1 1 10 20 30 40 50 60 70 80 90 100 Quantity 10 15 20 25 30 35 40 45 50 Quantity Answer the following questions from the above two curves. a. What is Omer's current total revenue for both groups (adults and children)? b. Which market has the more inelastic demand? d. Given the graphs and what your friend knows about economics, he recommends you increase the price of adult's ticket to $8 and lower the price of a child's ticket to $3. How much could you increase total revenue if you take his advice?60 50 40 30 20 10 Comerica Park: 42,000 Capacity 10000 20000 MC 30000 40000 DL DH MRL MRH MRL and DL are for low-demand games. MRH and DH are for high-demand games. Based on the graph above, what is the total revenue for both games (high and low demand games) if the price is set at the low- demand price level?Suppose Erin, the owner-manager of a local hotel projects the following demand for her rooms: a. Calculate the price elasticity of demand between 90 and 110. b. Is the price elasticity of demand between 90 and 110 elastic, unit elastic, or inelastic? c. Will Erins total revenue rise if she increases the price from 90 to 110? d. Calculate the price elasticity of demand between 110 and 130. e. Is the price elasticity of demand between 110 and 130 elastic, unit elastic, or inelastic? f. Will Erins total revenue rise if she increases the price from 110 to 130?