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 demand price level?
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- 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?Homework (Ch 05) The following graph shows the daily demand curve for bikes in Miami. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. ? 300 275 250 225 200 175 150 A 125 100 75 50 25 77°F Sunny PRICE (Dollars per bike) B Demand a Total Revenue 21 St
- 12. The Vanier Cup, the finals of Canadian University football, was held on November 26, 2016 at Tim Hortons Field in Hamilton, Ontario. The organizers learned a lot are already planning next year's event! Based on what they learned this year, they know that the demand function for tickets to the game will be given by q = 200, 000 - 10, 000p, where p is the price charged per ticket. The chief organizer for next year is an ambitious person who wants to set prices so as to maximize revenue. (b) Write down an expression for the inverse demand function (price as a function of quantity), total revenue (as a function of quantity), and marginal revenue (as a function of quantity). Find the quantity and price that generate maximum revenue. (c) Derive an expression for the elasticity of ticket demand with respect to price. (Hint: your elasticity should be a function of the price, p.) What is the value of the elasticity at the revenue-maximizing price (your answer for price from part b)?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?Price (dollars) 15 B 10 5 D 50 100 150 200 250 Quantity (units) In the figure above, using the midpoint method, what is the price elasticity of demand between points A and B? A) 2.33 B) 1.00 C) 0.43 D) 0.13 20
- A sporting goods store has estimated the demand for a popular brand of running shoes as given in the table below. Price per unit Shoe sales (OMR) 60 50 40 30 20 10 per 100 200 300 400 500 600 week Graphically present the table to get a demand curve. If the store charges a price of 50 OMR, then increases this price to 60 OMR, estimate price elasticity of demand. Analyze the total revenue before and after the price change.A Premier League football club estimates that whilst the price elasticity of demand for itsfirst-team fixtures is (–) 0.3, for second-team games the corresponding elasticity is (–)2.2. Provide an explanation for this difference in elasticities and advise the club how this might influence its pricing strategy.Calculate the price elasticity of demand for mobiletelephones where the quantity sold decreases from 225 to180 when the price rises from BD50 to BD57.5 3) With the help of a diagram, analyse the impact of entry ofnew suppliers into an industry on the demand and supplycurves. Make sure that your diagram is labelled clearly.
- PRICE (Dollars per unit) 350+ 225 175) 50 0 Region Between Y and Z Between W and X Between X and Y Z True False X 28 36 QUANTITY (Units) For each of the regions listed in the following table, use the midpoint method to identify if the demand for this good is elastic, (approximately) unit elastic, or inelastic. I 56 W Demand True or False: The slope of the demand curve is equal to the value of the price elasticity of demand. Elastic Inelastic Unit ElasticA manufacturer sells two products, A and B and had raised the prices of the two products recently to cover the higher production costs. The price and quantity for each product before and after the price change is given in the table below. Product A B Initial Price $250 $600 Initial Quantity demanded 28050 New Price $300 $750 New Quantity demanded 20045 Calculate the price elasticity of demand for both products using the midpoint method. Comment on their elasticities and explain two (2) possible reasons why they are different. What should the manufacturer do to the prices of the two products if the objective is to earn more revenue?An airline company currently sells a package deal for a $100 return ticket and sells 5000 tickets per week. Because of the high demand, the company raises its fare to $120 per ticket hoping to raise its revenue. If the price elasticity of demand is currently –1.2, what will be the sale of tickets per week and how will this affect total revenue? What conclu- sions do you draw from this exercise?