A baseball team plays in a stadium that holds 54000 spectators. With the ticket price at $8 the average attendance has been 24000. When the price dropped to $6, the average attendance rose to 27000. Assume that attendance is linearly related to ticket price. What ticket price would maximize revenue? $

Question 7 Total revenue increases as price increases, as long as demand is elastic. always increases as price increases. remains unchanged as price increases when demand is unit elastic. decreases as price increases, as long as demand is inelastic..

1) Assume that the percentage change of the price of product A is 5% (%Px and the percentage change of quantity demanded is - 10% (%Δqd), Find the following, a) The price elasticity of demand b) Is the demand for this product elastic or inelastic? c) If the price of the product A increases, What happens to total revenue? (increases or decreases)  d) if the price increases by 1% by how much quantity demanded will decrease (more than 1%, less than 1%, or by exactly by 1%)   2) Assume that the percentage increase in the price of product X ( %ΔPx) is 4% and the percentage change in quantity demanded in product Y ( %Δqd) is -5%, find the cross price elasticity (Eyx), are product X and Y substitutes or complements?         3) Assume that the percentage increase in income (%ΔI) is 4% and the percentage decrease in the quantity demanded  (%Δq) is -6%, find  income elasticity (EI), Is this product a normal or inferior product?       4) Is the elasticity for Corn flakes cereal is greater of less…

Assume that the price elasticity of demand is -2 for a certain firm's product. If the firm raises price, the firm's managers can expect total revenue to:  decrease.  increase.  remain constant.  either increase or remain constant, depending upon the size of the price increase. A price elasticity of zero corresponds to a demand curve that is:  horizontal.  downward sloping with a slope always equal to 1.  vertical.  either vertical or horizontal. As we move down along a linear demand curve, the price elasticity of demand becomes more:  elastic.  Inelastic.  linear.  variable.

A baseball team plays in a stadium that holds 72000 spectators. With the ticket price at $8 the average attendance has been 29000. When the price dropped to $6, the average attendance rose to 36000. Assume that attendance is linearly related to ticket price. What ticket price would maximize revenue? $ Submit Question

If the percent rise in price is larger than the percent decline in quantity, then: the demand for your product could be either elastic or inelastic. the demand for your product is elastic. the demand for your product is inelastic. the demand for your product could be neither elastic nor inelastic.

b) When the price is $166.10, the demand is (elastic/inelastic) which means that as price the revenue will (increases/decreases) (increase/decrease)

(b)The equation for Bingo chips demand curve is P = 3/Q. What is the elasticity of Bingo chips demand as price falls from 6 to 5? What is the elasticity of Bingo chips demand as the price falls from 10 to 9? Would you expect these answers to be the same?

If the price elasticity of demand is 10, then for every 1% increase in price, there is a:   Group of answer choices 10% increase in quantity demanded. 10% decrease in quantity demanded. 1% decrease in quantity demanded. 1% increase in quantity demanded.

Total revenue falls as the price of a good is raised, if the demand for the good is        elastic.        inelastic.        unitary elastic.        perfectly elastic.