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- A theater company presents a play in a theater with a capacity of 2,000 spectators. With the ticket price at $20, the average attendance at recent games has been 1,000. Market research indicates that for every dollar the ticket price drops, attendance will increase by 100. Identify the feature that maximizes ticket revenue.Define substitute and complementary goods. Explain it in easy word without plagiarism.Identify each factor influencing elasticity and give a specificexample of how it affects the degree of elasticity in a good orservice.
- Comment on the Elasticity of demand for a good having high number of substitutesType the correct answer in the box. Spell all words correctly. Vivian conducted market research on her company’s products. She found that after the company raised the price of its product by $1.50, the demand in the uptown region remained the same with only minor fluctuations. However, she found that the demand in the downtown region dropped by 20 percent after the price change. How should Vivian take these demands into consideration? In a situation where demand differs in different areas, Vivian should consider the demand.For each of the following cases, identify whether Total Revenue rises, falls, or remains constant. Explain using the 'arrow method' shown in class/ slides. (a) Demand is inelastic and price falls. (b) Demand is elastic and price rises. (c) Demand is unit elastic and price rises. (d) Demand is inelastic and price rises. (e) Demand is elastic and price falls.
- 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.Answer the following questions: What product do you use that you would use regardless of the price? Why? Is this related to price elasticity of demand, or is it personal preference? Provide the URL for this product so we can learn more about it.A baseball team plays in a stadium that holds 70000 spectators. With the ticket price at $12 the average attendence has been 30000. When the price dropped to $11, the average attendence rose to 35000. Assume that attendence is linearly related to ticket price.What ticket price would maximize revenue? $
- Miron Floren, of Lawrence Welk Show fame, now tours the country performing at accordion concerts. A careful analysis of demand for tickets to Mr. Floren’s concerts reveals a strange segmentation in the market. Demand for tickets by senior citizens is described by Qo = 500P^–3/2 , while demand by those under 65 years old is Qy = 50P^–4. If the marginal cost of a ticket is £3, how should tickets to Mr. Floren’s concerts be priced to maximize profits? A. £3 for senior citizens and £8 for those younger B. £6 for senior citizens and £12 for those younger C. £9 for senior citizens and £4 for those younger D. £4.71 for all tickets E. £12 for senior citizens and £4.50 for those youngerA good with elasticity of demand greater than 1 has high elasticity True/FalseWhen same units are demanded at a higher price, it shows: (a) Increase in demand (b) Expansion in demand (c) Decrease in demand (d) Contraction in demand