User Account

All Pages

Amusement park as a function of the daily admission

Assignment Help Business Management
Reference no: EM131207426

Suppose that the following table shows the weekly visits to an amusement park as a function of the daily admission fee charged:

# Visits Daily Fee

100 $50

300 $40

500 $30

700 $20

900 $10

a) What is the price elasticity of demand when the daily fee is $30?

b) What is the price elasticity of demand when the daily fee is $40?

c) What is the elasticity of demand at the price that maximizes total revenue?

d) Among the ones displayed in the table, what price comes closer to maximize total revenue? Verify your result computing total revenues for each price and finding the price that will give the higher total revenues.

Reference no: EM131207426

Questions Cloud

What are the issues you may face in evacuating the residents : What are the issues you may face in evacuating the residents? What specific needs of the Alzheimer's patients would you need to keep in mind?
Elasticity of health expenditure per capita : a) According to this graph, what is the elasticity of health expenditure per capita with respect to income per capita? b) According to the terminology in the notes, what type of good does health care seem to be?
Calculate the voltages v1 and v2 for the circuit : Calculate the voltages V1 and V2 for the circuit of given figure in phasor form using the voltage divider rule.
Discuss business activities - processes of the organisation : Define business processes - What a Baker does? Discuss the business activities/processes of the organisation to show your understanding about the business.
Amusement park as a function of the daily admission : Suppose that the following table shows the weekly visits to an amusement park as a function of the daily admission fee charged:
Supply-side and demand-side influences : How do you think the equilibrium quantity of oil will be affected by these supply-side and demand-side influences? Why?
Calculate the total power factor : Determine I, VR, and VC in phasor form. - Calculate the total power factor, and indicate whether it is leading or lagging.
Trade-off between inflation and unemployment : Evaluate why policymakers face a short-run trade-off between inflation and unemployment.
Change in expectations cause the demand : Will this change in expectations cause the demand for existing homes to increase or decrease this year? Explain. Will this change in expectations cause the supply of existing homes on the market to increase or decrease this year? Explain.

Reviews

Write a Review

Business Management Questions & Answers

  Relationship between legislation and workplace policies

Prepare a brief report on the effectiveness of the policy and include recommendations for improvements where appropriate - What is the relationship between legislation and workplace policies and procedures?

  Expected market share and relevant industry trend

Project is about Establish our own business plan - the expected size and growth rate of your market, your expected market share and any relevant industry trend.

  There is sign of racial steering

The following table shows the data that were presented in court to show the locations of lately rented apartments. Do you think there is sign of racial steering

  Challenges organizations face

What are the challenges organizations face regarding protecting their information and assets?

  Determine the number of bargaining units

Select an organization with which you are familiar, and determine the number of bargaining units that would be appropriate for its structure. Please use a minimum of one reference to support your discussion.

  Difference relevant to financial decision making

How does net cash flow differ from net income and why is that difference relevant to financial decision making?

  Develop a critical awareness of current factors

To develop a critical awareness of current factors affecting leading and managing people and to demonstrate how effective policies can add value to the business' strategic goals.

  Basic expectations for weekly posting

Take the time to do your own research on this concept, then address the following questions, responding with your own original ideas and positions on the topic. Follow all the basic expectations for any weekly posting. You will not have to address..

  Regulate three ways that employee layoffs can affect

Regulate three ways that employee layoffs can affect other employees in the organization. Inspect two additional ways that employee layoffs can affect the organization as a whole.

  Explain how much would you request for your meal

Most of your colleagues put in reimbursement requests in the range of $55 to $60 a day regardless of illustrate what their actual expenses are. Explain how much would you request for your meal reimbursements?

  Ability to perceive and express emotion

Emotional intelligence is the ability to perceive and express emotion, assimilate emotion in thought, understand.

  Explain how much are the annual payments worth to you today

f you can earn 7% per year, Explain how much are the annual payments worth to you today? Which is the better deal? Explain why?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd