User Account

All Pages

Price elasticity of demand for tickets

Assignment Help Microeconomics
Reference no: EM133341292

Questions

1. The price elasticity of demand for tickets to local baseball games is estimated to be equal to 1.2. What will happen if the management raises ticket prices?

Revenue will go up.
Revenue will go down.
Profits will fall.
nothing. Fans will always come.

2. Households may invest in ______________ to ____________ .

tangible assets; to maintain liquidity
stocks; guarantee a consistent return
bonds; guarantee capital gains
mutual funds; minimize risk

3. If demand is inelastic and firms ___________ their prices, their total revenue will___________.

raise; fall
raise; rise
lower, rise
lower. stay the same

4. An inferior good is __________________.

a good that nobody wants
cheap
a good for which the income elasticity of demand is positive
a good for which the income elasticity of demand is negative

5. The price elasticity of supply measures the:

responsiveness of quantity supplied to a change in price.
responsiveness of price to a change in quantity supplied.
responsiveness of quantity supplied to a change in consumer income.
responsiveness of quantity supplied to a change in quantity demanded.

6. Which of the following government policies will result in a rightward shift of the market supply curve for labor?

an increase in unemployment benefits
an increase in childcare benefits
an increase in the educational requirements for teachers
a reduction in income tax rates

7. Supply is said to be___________when the quantity supplied is not very responsive to changes in price.

inelastic
elastic
available
limited

Reference no: EM133341292

Questions Cloud

Capital-intensive or more labor-intensive : To minimize the cost of producing the same level of output, would the firm become more capital-intensive or more labor-intensive?
Marginal product of capital : A firm minimizes its costs by using inputs such that the marginal product of labor is 10 and the marginal product of capital is 20.
Globalization and protectionism : Why do you think labor standards and working conditions are lower in developing nations of the world rather than in other countries?
Price elasticity of demand for gasoline more inelastic : Is the price elasticity of demand for gasoline more INELASTIC over a shorter or a longer period of time? Explain.
Price elasticity of demand for tickets : The price elasticity of demand for tickets to local baseball games is estimated to be equal to 1.2. What will happen if the management raises ticket prices?
Discussion regarding monopolistic competition : Participate in a discussion regarding monopolistic competition you encounter as shown in Section 17.3 in the textbook.
Explain poverty and inequality : Explain poverty and inequality and then tell the difference and tell how can we eradicate inequality and poverty.
Movements along supply curve and changes in supply : Movements Along the Supply Curve and Changes in Supply Distinguish between a change in price versus a change in the non-price factors of supply.
Non-price change on the demand side of market : Causes of Shifts in Demand Determine the outcome of a non-price change on the demand side of the market.

Reviews

Write a Review

Microeconomics Questions & Answers

  The free rider problem

Question: Explain why the free rider problem makes it difficult for perfectly competitive markets to provide the Pareto efficient level of a public good.

  Failure of the super committee is good thing for economy

Some commentators have argued that the failure of the “Super committee” is good thing for the economy?  Do you agree?

  Case study analysis about optimum resource allocation

Case study analysis about optimum resource allocation: -  Why might you suspect (even without evidence) that the economy might not be able to produce all the schools and clinics the Ministers want? What constraints are there on an economy's productio..

  Fixed cost and vairiable cost

Questions:  :   Which of the following are likely to be fixed costs and which variable costs for a chocolate factory over the course of a month?  Explain your choice.

  Problem - total cost, average cost, marginal cost

Problem - Total Cost, Average Cost, Marginal Cost: -  Complete the following table of costs for a firm.  (Note: enter the figures in the  MC   column  between  outputs of  0 and 1, 1 and 2, 2 and 3, etc.)

  Oligopoly and demand curve problem

Problem based on Oligopoly and demand curve,  Draw and explain the demand curve facing each firm, and given this demand curve, does this mean that firms in the jeans industry do or do not compete against one another?

  Impact of external costs on resource allocation

Explain the impact of external costs and external benefits on resource allocation;  Why are public goods not produced in sufficient quantities by private markets?  Which of the following are examples of public goods (or services)? Delete the incorrec..

  Shifts in demand and movements along the demand curve

Describe the differences between shifts in demand and movements along the demand curve. What are the main factors which can shift the demand curve? Explain why they cause the demand curve to shift. Use examples and draw graphs to support your discuss..

  Article review question

Article Review Question: Read the following excerpts from the article "Fruit, veg costs surge' by Todd, Dagwell, published in the Herald on January 25th 2011 and answer questions below:

  Long-term growth, international trade & globalization

Long-term Growth, International Trade & Globalization:- This question deals with concepts such as long-term growth, international trade and globalization. Questions related to trade deficit, trade surplus, gains from trade, an international trade sce..

  European monetary union (emu) in crisis

"Does the economic bailout of Spain and Greece spell the beginning of the end for the European Monetary Union (EMU)?"

  Development game “settlers of catan”

Read the rules of the game, the overview and the almanac for the Development Game "Settlers of Catan"

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