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Elasticity :sample question
A baseball team is trying to predict ticket sales for the upcoming season. They are also considering increasing prices. the elasticity of ticket sales with respect to the size of the population is estimated to about 0.7. briefly explain what this number means?
If the local population increases from 60,000 to 61,500 what does this mean for ticket sales?
currently the ticket price is $10. The price elasticity of demand for tickets is -0.60. Compute the predicted change in tickets sold if the price were raised to $11. Also what is the expected change in total revenue?
The typical fan also consumer $8 worth of refreshments at a game. Would raising ticket prices to $11 increase or decrease overall total revenue (ticket revenue and refreshment revenue)? How much would it go up or down?
Explain what happens to the position of the nation's short-run Phillips Curve if the following events occur:
Suppose that the town of Grayrock had a population of 10,000 in 1998 and a population of 12, 000 in 2003.
What are the macro and micro problems? What systems are affected structural, psychosocial, technical, managerial, goals?
GDP per capita in a nation like Switzerland can have a low GDP per capita also still have a high standard of living.
In recent years, consumption spending by households has accounted for about 70% of the total spending (aggregate demand) in the U.S. economy.
Using the following schedule, define the equilibrium price and quantity. Explain the situation at price of $10. What will occur? Discuss the situation at a price of $2. What will occur?
Show the weekly relationship among output also number of workers for a factory with a fixed size of plant.
Three natural resources as well as products that could be traded abroad based on the principles of comparative advantage for India.
Explain how the aggregate expenditure function shifts in response to changes in each of the following variables:
To increase marketplace share, Giuseppe would like to raise sales to 750 every week. Elucidate price should Giuseppe set.
A symetric information can have deleterious effects on market outcomes. Discuss a few tactics that managers can use to overcome these problems.
What does Friedman believe about expansionary monetary policy? Do you think Keynesian economists would agree?.
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