User Account

All Pages

Find and draw the marginal revenue function

Assignment Help Business Economics
Reference no: EM132795038

You have been tasked with estimating the demand function of ticket sales for the Columbus Crew (a regional monopoly). You found a demand function Pt = 10000 - 8Qt

(a) Draw the demand function

(b) Find and draw the Marginal Revenue function

(c) Assume the team wants to maximize revenue, what price should they charge for a ticket?

Define the terms elastic, inelastic, and unit elastic. Explain why a team maximiz- ing revenue would always operate at the point of unit elasticity on their demand curve.

Reference no: EM132795038

Questions Cloud

Opportunities for employment and income growth : Stronger labor markets and higher income levels tend to help those families living in poverty move above the poverty threshold.
What is the priority nursing education the patient needs : Patient A.B. a 69-year-old White male visited his local clinic for a check-up as lately he was feeling lethargic and has gained 22 lbs in the past year.
Evaluate the decision for the uk to attempt to join the cptp : Evaluate the decision for the UK to attempt to join the CPTPP
Journalize the entry to record the November cash payment : The cost to repair defects under the warranty is estimated at 4.5% of the sales price. Journalize the entry to record the November cash payment
Find and draw the marginal revenue function : You have been tasked with estimating the demand function of ticket sales for the Columbus Crew (a regional monopoly). You found a demand function Pt = 10000 - 8
Vulnerable populations at risk for different pregnancy : Identify different Vulnerable Populations at risk for different Pregnancy-Related Complications. Including appropriate Nursing Management.
What is a consolidating entry needed to prepare full set o : On January 1, 20X8, What is a consolidating entry needed to prepare full set of consolidated financial statements on December 31, 20X8
What is the max production : The given function TR(Q)=1200Q-2Q^2 and TC(Q)=Q^3-61,25Q^2+1528,5Q+2000. What is the max production. Check second order condition.
What the company breakeven point would be : Variable costs per unit are $20. At a level of production of 120,000 units, Fixed costs per unit would be $5. The company's breakeven point would be

Reviews

Write a Review

Business Economics Questions & Answers

  Economics assignment

This document contains various important questions and their appropriate answers in the subject field of Economics.

  Demand and supply curves

Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.

  Long-run perfectly competitive equilibrium for the firm

Evaluate Government intervene and correct this situation?(a) Explain the concept of a concentration ratio. A rise in the price of magarine Explain the impact of external costs and external benefits on resource allocation long-run perfectly c..

  Supply and demand diagrams

Explain each of the following using supply and demand diagrams,  With the use of a graph, explain how these two programs affect cigarette consumption and the price of cigarettes.

  Case study: fisher-price toys

The case study of the Fisher-Price Toys, Inc., a popular case in basic economics and management from the prestigious Harvard Business School.

  Draw the production possibility curve

Draw the production possibility curve and a. Define consumer surplus and producer surplus.

  Tax revenue

The Australian government administers two programs that affect the market for cigarettes

  Maximize total welfare

How many tickets to sell to maximize total welfare.

  Difference between the cv and the ev

The change in consumer surplus (?CS) is not "theoretically" justifiable like the CV and EV but it continues to be the most widely used measure of consumer welfare change. Explain how this can be reconciled

  Depict von neumann-morgenstern utility index u in a diagram

Depict the von Neumann-Morgenstern utility index u in a diagram

  What is the market solution

What is the market solution (market price and quantity) and What is the total surplus of the society under the market solution

  Calculate gross national product and net national product

Calculate gross national product and net national product

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