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- What term would an economist use to describe what happens when a shopper gets in good deal on a product?"Standard tickets for Beyonce’s Renaissance tour went on sale in the UK for a price of£56 in February 2023. Many fans complained about receiving constant errormessages and being stuck in long on-line queues of more than 500,000 people. Inresponse to these negative comments a spokesperson for Ticketmaster, thecompany in charge of selling the tickets, stated that: ‘There was never going to be enough tickets to meet demand’." What is a secondary ticketing market, and how does its existence affect the allocation of resources in the market for Beyonce's Renaissance tour tickets? (Include diagram)1 How has netflix grown worldwide so well over the past decade? Please explain a few reasons why
- Suppose, suddenly the supply of mutton decreases due to unknown goat diseases.What would happen to the market of salad items? Would this event affect chutneymarket? Because of this decreased supply of mutton what would happen to the market ofKachchi biryanis, Morog Polaw, and chicken biryanis? Explain (in details) with relevantdiagrams/graphsThe following graph illustrates the weekly demand curve for motorized scooters in Roanoke. 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. PRICE (Dollars per scooter) 260 240 220 200 180 160 140 120 100 80 60 40 20 0 0 9 18 27 A X B Demand 36 45 54 63 72 81 QUANTITY (Scooters) 90 99 108 117 Total Revenue ?Economics ASAP) Average waiting time for ordering is 2minutes. However, in peak - hours, the timeincrease up to 6 minutes. Around 2- 4 people in line during thenormal time, and in the peak- hours, about4 - 6 people in the line for ordering. Customers usually wait 8 minutes to get their orders. In No peak- hour, No customers in the line.In No peak- hour, It took 3 minutes to getthe order. {ONLY ONE CASHIER AND ONE BARISTA CAN U CALCULATE THE ARRIVAL RATE,SERVICE RATE (CASHIER), SERVICE RATE (BARISTA)? AND BOTTLE NECK }
- 8. A new company starts making tennis rackets.4, 5, 6, 8, and 10 units of output. Calculate the total revenue for each of these production levels. Then, on the following graph, use the green points (triangle symbol) to plot the results. TOTAL REVENUE (Dollars) 500 450 400 300 250 200 150 100 ༔ ཧྭ ༔ ༔ ༔་༔་༔༞༄ 8 50 0 A 0 1 2 3 4 5 6 7 8 9 10 QUANTITY (Number of units) Total Revenue ? Calculate the total revenue if the firm produces 2 versus 1 units. Then, calculate the marginal revenue of the second unit produced. The marginal revenue of the second unit produced is $19. Canadians' New Focus on Thrift Canadian shoppers' shift to greater thriftiness has been unkind to retailers like Bikini Village and Le Chateau, which recently posted losses, but it may be a boon for budget stores like Dollarama Inc., which recently generated double-digit sales. Source: The Financial Post, July 3, 2011 Draw a graph to show the effect of increased thriftiness on sales at (i) Bikini Village and (ii0 Dollarama. Use the following information to work Problems 20 and 21. Boom Time For "Gently Used" Clothes Most retailers are blaming the economy for their poor sales, but one store chain that sells used name-brand children's clothes, toys, and furniture is boldly declaring that an economic downturn can actually be a boon for its business. Last year, the company took in $20 million in sales, up 5% from the previous year. Sales are already up 5% this year. Sources: CNN, April 17, 2008 20. a. According to news clip, is used clothing a…
- Price ($) a) Suppose that the demand for pizzas were to increase by 120 pizzas per day. Show the new demand, in the graph below: Plot the two end points using the tool provided in the graphing area below. Plot only the end points of the curve and position those points on the edge of the graphing area. 64 56 48 40 32 24 16 8 0 40 80 120160200240 280 320 360 400 440 480 S D Tools Demand Help i Save & Exit Submit(1) The graph below shows the demand curves of two products by Ghana Nuts Company Ltd. Use the information provided on the graph to answer the questions that follow: Price Cedis per gallon 30 B 25 D1 D2 200 225 300 Quantity (gallons per day) (a) Calculate the price elasticity of demand for D, between point A and point C, and the price elasticity of demand for D2 between point A and point B. which of the two demand curve is more elastic? Briefly explain. (b) Suppose Ghana Nut is initially selling 200 gallons per day at a price of C30.00 per gallon, calculate the total revenue for Ghana Nuts Company Ltd. at price C30. If they cut the price to C25.00 per gallon and their demand curve is D1, what will be the change in their revenue? What will be the change in their revenue if demand curve is D2? 2. Suppose quantity demanded of beans increase from 1500 bags to 1800 bags as a result of an increase in the price of rice from GH¢80 to GH¢100. Calculate the cross price elasticity of demand for…10a. The graph shows a school's profit P for selling x lunches on one day. PART A: What is the school's profit for selling 120 lunches? School Lunches 150 AP 100 (65, 45) (50, 0) 50 10 20 30 50 60 70 x -50 100 (20, -90) -150 (0,-150) -200 -250 Number of lunches sold Short Answer: 10b. The graph shows a school's profit P for sellingx lunches on one day. PART B: The school wants to change the price of lunch so that when it sells more than 30 lunches in one day, it begins to make a profit. How much would the school need to charge for each lunch in this situation? School Lunches 150 AP 100 (65, 45) (50, 0) 50 10 20 30 50 60 70 x -50 -100 (20, -90) 150 (0, –150) -200 -250 Number of lunches sold Short Answer: Profit (dollars) Profit (dollars)