ECON 103 Economics Questions Assignment
Order ID |
53563633773 |
Type |
Essay |
Writer Level |
Masters |
Style |
APA |
Sources/References |
4 |
Perfect Number of Pages to Order |
5-10 Pages |
Description/Paper Instructions
ECON 103 Economics Questions Assignment
1) The owner of a baseball team and local stadium has commissioned a study that showed the demand by fans for stadium seats (per playing date) to be P = 22 – 0.2Q, where P is the average price of a ticket and Q represents the number of seats (expressed in thousands). The local stadium seats a maximum of 56,000 per game. Suppose the owner offers you 10% of the revenues. If you can only choose a uniform per-ticket price, what is the maximum amount you can earn per game? (Note: Assume that all seats and all games are the same.)
2) Is the following statement true or false? Explain.
Income elasticity of demand for a product is high when own price elasticity of demand for the same product is low.
3) Find the equilibrium price, quantity, and revenue in a market characterized by the following information:
,
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