Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. Please enter your responses as a whole number. No decimals, commas, or $ signs please.a. If current demand is represented as Demand 2 (D₂), what is total revenue (= price × quantity) at theprice of $24?$b. If the price drops to $12, how many tickets would consumers purchase?c. What is total revenue at that point?$ticketsd. If the team has a losing streak that shifts the demand curve left to Demand 3 (D3), How many ticketswould be sold if the price is still $24?ticketse. What is total revenue at that point?$ 3- Suppose the graph below depicts the demand for football tickets at Grand University.Price (dollars per ticket)4036322824201612co8402,0001,0003,0004,0005,0006,0007,0008,000D₁9,000211,00010,000Tickets (per game)Please enter your responses as a whole number. No decimals, commas, or $ signs please.

Given information:We are given three demand curves (D1,D2,D3) for the tickets, with the curves shown…

3- Suppose the graph below depicts the demand for football tickets at Grand University. Price (dollars per ticket) 40 36 32 28 24 20 16 12 8 00 4 0 1,000 2,000 3,000 4,000 6,000 5,000 7,000 8,000 D₁ ·D₂ 9,000 D3 11,000 10,000 Tickets (per game) Please enter your responses as a whole number. No decimals, commas, or $ signs please.

3- Suppose the graph below depicts the demand for football tickets at Grand University. Price (dollars per ticket) 40 36 32 28 24 20 16 12 8 00 4 0 1,000 2,000 3,000 4,000 6,000 5,000 7,000 8,000 D₁ ·D₂ 9,000 D3 11,000 10,000 Tickets (per game) Please enter your responses as a whole number. No decimals, commas, or $ signs please.

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter12: More Realistic And Complex Pricing

Section: Chapter Questions

Problem 12.2IP

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nee Question 1. You are the pricing manager for a professional football team. Your stadium can seat 70,000 spectators. The marginal cost of selling another ticket (and thereby seating another spectator) is $0. Therefore, you are primarily interested in maximizing total revenue. For each of the following scenarios give the revenue-maximizing price. a. The demand for tickets at each game is 120,000 − 5,000p. b. The demand for tickets at each game is 120,000 − 4,000p. c. The demand for tickets at each game is 200,000 − 5,000p. d. The demand for tickets at each game is 180,000 − 4,000p.
a. How much would the firm’s revenue change if it lowered price from $12 to $10? Is demand elastic or inelastic in this range? Revenue change: $ Demand is in this range. b. How much would the firm’s revenue change if it lowered price from $4 to $2? Is demand elastic or inelastic in this range? Revenue change: $ Demand is in this range. c. What price maximizes the firm’s total revenues? What is the elasticity of demand at this point on the demand curve? Price that maximizes total revenues: $ Demand is at this point.
21. There was a new store that opened besides your store if the cross elasticity for both of you is positive. Is it advisable to reduce your price? Why or why not? Explain.
Question 6 Suppose a Palestinian company (Siniora Food Industries Company) sells 20,000 units when the price is 16 NIS, but sells 30,000 units when the price falls to 14 NIS. A. What is the midpoint method for calculating percentage change in the quantity sold (just Calculate the result)? B. What is the midpoint method for calculating percentage change in the price of the products sold (just Calculate the result)? C. Calculate the price elasticity of demand ( Based on set prices). Is demand is elastic or inelastic? D. What happens to quantity sold when price decreases 4% ( suppose the elasticity demand is constant and equal the value found in part c)?
Question 5: (a) Define the Income elasticity of demand? Click or tap here to enter text. (b) What is a normal and an inferior good? Click or tap here to enter text. (c) Define the own-price elasticity of demand. Click or tap here to enter text. (d) Define the cross-price elasticity of demand. Click or tap here to enter text.
The demand curve for cameras is Q=400-2P where P is the price of a camera and Q is the number of cameras sold per week. Answer the following questions.A. If the vendor has been selling 120 cameras per week, how much revenue has she been collecting?B. What is the price elasticity of demand for cameras?C. Does the law of demand hold?D. If the vendor wants to generate more revenue, should she raise or lower the price of cameras?
If the demand curve for NFL tickets is P = 250 - 0.5Q Find the point of elasticity of demand at P = 235 and Q = 30 Is the demand elastic or inelastic at this point? Why?
Danny "Dollar" dela Cruz is a neighborhood's 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $2.75 each, he sells 100. At a price of $2.25 each, he sells 300. Instructions: Use the midpoint method and round your answer to two decimal places. Do not include a negative sign (-). a. What is the elasticity of demand? b. Is demand elastic or inelastic over this price range? Inelastic Elastic c. If demand had the same elasticity for a price decline from $2.25 to $1.75 as it does for the decline from $2.75 to $2.25, would cutting the price from $2.25 to $1.75 increase or decrease Danny's total revenue? OO Decrease Increase
Danny "Dimes" Donahue is a neighborhood's 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $2.75 each, he sells 250. At a price of $2 25 each, he sells 300. Instructions: Use the midpoint method and round your answer to two decimal places. Do not include a negative sign (-) a. What is the elasticity of demand? b. is demand elastic or inelastic over this price range? Inelastic O Elastic c. If demand had the same elasticity for a price decline from $2.25 to $1.75 as it does for the decline from $2.75 to $2.25, would cutting the price from $2 25 to $1.75 increase or decrease Danny's total revenue? O Increase O Decrease
Danny "Dollar" dela Cruz is a neighborhood's 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $1.75 each, he sells 250. At a price of $1.25 each, he sells 300. Instructions: Use the midpoint method and round your answer to two decimal places. Do not include a negative sign (-). a. What is the elasticity of demand? b. Is demand elastic or inelastic over this price range? O Inelastic O Elastic c. If demand had the same elasticity for a price decline from $1.25 to $0.75 as it does for the decline from $1.75 to $1.25, would cutting the price from $1.25 to $0.75 increase or decrease Danny's total revenue? O Increase O Decrease
Danny “Dimes" Donahue is a neighborhood's 9-year-old entrepreneur. His most recent venture is selling homemade brownies that he bakes himself. At a price of $1.75 each, he sells 250. At a price of $1.25 each, he sells 300. Instructions: Use the midpoint method and round your answer to two decimal places. Do not include a negative sign (-). a. What is the elasticity of demand? b. Is demand elastic or inelastic over this price range? O Inelastic O Elastic c. If demand had the same elasticity for a price decline from $1.25 to $0.75 as it does for the decline from $1.75 to $1.25, would cutting the price from $1.25 to $0.75 increase or decrease Danny's total revenue? Decrease O Increase
5. At present, the price of $10, a football in the US and 5 million are sold annually. Market demand has shown that the demand curves are linear, and that price elasticity of market demand is -4.0 and the price elasticity of supply is +2.0. a) Calculate the demand and supply curves for footballs in the US. b) The US government imposes a $3 tax on every football sold in the country. How much revenue will the tax raise, and how much will the tax effect consumer surplus and producer surplus?|