Lowest ticket price at which no fans would attend the game

Assignment Help Business Economics
Reference no: EM131000946

Suppose that the demand curve for seats at the Frederick Keys minor league baseball stadium is given as Q^d = 6,000 - 200p. How many fans would attend a game if tickets were free and there was no limit on the number of fans permitted in the stadium? What is the lowest ticket price at which no fans would attend the game? If the stadium capacity is fixed at 4,000, what price would maximize revenue while ensuring a sellout? Assume the Frederick Keys are not a monopoly. Explain your answer and be sure to include a graph in answering the questions.

Reference no: EM131000946

Questions Cloud

What is the hourly demand in megawatts : An electric utility company uses natural gas as fuel for a large multi-unit power plant. with all units in service, for a given hour the plant's fixed cost is $120,000 and its variable cost is $50 per megawatt demanded. What is the hourly demand in m..
Different cases where utility is maximized : Explain the 3 different cases where utility is maximized when you have perfect substitutes. Include a graph for each. (Hint: consider slopes.)
What is the effecttive rate of interest : A new 65 inch television sells for $1,500 and can be purchased for a down payment of $500 with an additional monthly payments in the amount of $45.70 paid at the end of every month for 24 months. what is the nominal rate of interest? what is the effe..
What is the relationship between these goods : If when the price of Product E decreases by 9%, this causes its quantity demanded to increase by 14% and the quantity demanded for Product F to increase by 12%, what is the cross-price elasticity of demand? What is the relationship between these good..
Lowest ticket price at which no fans would attend the game : Suppose that the demand curve for seats at the Frederick Keys minor league baseball stadium is given as Q^d = 6,000 - 200p. How many fans would attend a game if tickets were free and there was no limit on the number of fans permitted in the stadium? ..
Compute the equilibrium price and quanity : If demand is represented by Qd = 50 - 0.5P + 0.005I where I = $50,000 and supply is represented by Qs = 100 + 0.4P - 2W where wages (W) = $15.00, compute the equilibrium price and quanity. What happens if income falls to I = $40,000?
Unemployment and inflation work in opposite directions : Why is it that unemployment and inflation work in opposite directions--when one is high the other is low and vice versa? This concept is depicted by the Phillips Curve. Why are unemployment and inflation sometimes referred to as twin problems?
The bureau of labor statistics : The Bureau of Labor statistics (bls.gov) publishes the unemployment numbers. As we look at the historical number, what is your opinion on the Natural Rate of Unemployment? What is the lowest unemployment figure we have seen in the last 20 years? Thou..
Quantity combination will maximize the firms revenue : Always Round Tire finds that their demand curve is P = 50 - .02 Q (note: Marginal Revenue has twice the slope as the demand curve). What price and quantity combination will maximize the firm's revenue? What are the total revenue and price elasticity ..

Reviews

Write a Review

Business Economics Questions & Answers

  Increase in government spending on equilibrium GDP

Which piece of information would be least useful in trying to predict the effect of a $700M increase in government spending on equilibrium GDP?

  Expedited payments

Recently, a bank was trying to decide what fee to charge for "expedited payments"—payments that the bank would transmit at a faster speed to enable customers to avoid late fees on cable TV bills, electric bills, and the like.

  What are best practices for managing employee performance

Employee evaluations require a strong set of job descriptions, as well as a proactive communication system from managers who give timely feedback to their employees about performance issues as they arise. What should this kind of evaluation system lo..

  Compute the optimal pricing scheme of the iphone

Compute the optimal pricing scheme of the iphone, Assume which there are equal numbers of every customer type.

  How much should charlotte deposit in the account

Charlotte wishes to accumulate $93,000 in a savings account in 10 years. If she wishes to make a single deposit today and the bank pays 5 percent compounded annually on deposits of this size, how much should Charlotte deposit in the account?

  Amount of wheat and clothing produces

Assume there are no other countries willing to trade goods, so when there is no trade between these two countries, each country consumes the amount of wheat and clothing it produces.

  Uses difference-in-difference identification strategy

Card and Krueger's paper (AER 1994, "Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania") uses a difference-in-difference identification strategy to identify the causal effect of a minimum wage increas..

  What are the profits of the monopoly in equilibrium

A monopoly produces widgets at a marginal cost of $8 per unit and zero fixed cost. It faces an inverse demand function given by P = 38 – Q and MR = 38 – 2Q. What are the profits of the monopoly in equilibrium? What are the consumer surpluses in equil..

  Zero salvage value with the SL method

Zero salvage value with the SL method. This machine will produce metal parts that will generate revenues of $180,000 (time zero dollars) per year. It is a policy of the company that the annual revenues will be increased each year to keep pace with th..

  Relation between marginal and average costs

Describe the relation between marginal and average costs. Describe the relation between marginal and average fixed costs. Describe the relation between marginal and average variable costs.

  Difference between hamburgers and computer files

When you purchase and eat a hamburger, no one else can eat the same hamburger. When you download a file on the Internet, the file is still available.

  Illustrate the marginal revenue to increase in the quantity

Find total revenue for quantity equal to 10,000, 20,000, and so on. Illustrate what is the marginal revenue for each 10,000 increase in the quantity sold.

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!

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