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Several years ago, James Todd Smith (a/k/a LL Cool J) performed at the United Center. General admission tickets were priced at $32. Concert promoters say that price elasticity of demand for general admission concert tickets was -1.6(i.e. E(P)= -1.6). Although this show was sold out, concert promoters estimate that they could have sold 20% more general admission tickets if space allowed. How much could the concert promoters have raised the price of a general admission ticket (IN DOLLARS) and still maintained a sell-out(assuming all other demand factors were held constant)?
Please explain in detail and show work,
An irrigation return flow drain has sampling equipment that can be powered by solar cells or by running an electric line to the site and using conventional power. Solar cells will cost $14,000 to install and will have a useful life of 10 years.
Trading partners should specialize production in accordance with comparative advantage, then trade and diversify in consumption because
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q.sometimes a bidder on a work contract may bid lower than what would maximize hisher profit from the contract and the
Illustrate what did classical economists assume about flexibility of prices, wages and interest rates. Illustrate what did this assumption imply about self-correcting tendencies in an economy in recession. Illustrate what disagreements did Keynes ..
Compute the price elasticity of demand when price changes from $100 to $80 per pair using the average formular.
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