Question

Problem 1 Dext season. You need to set the following demand curves Imagine you are asked to help with football tickets for the Congo the price for student tits and student tickets. You are for students (s) and non-students (ns): Q. = 50 - 4P. + P... Q = 100 - 2P... +P. Assume the marginal cost for all tickets is $10 pot hint: You won't What should you set the student ticket price to if you want to make get a taber: it will be a function of P T What should you set the non-student ticket price to if you want to macimie profit (hint: You won't get a brit will be a function of P.)? ng price for each group Using the equations above, solve for the erial prot Round to two decimal places. You do not need to find the profit After weeks of data processing, you've settled on the following equation Q2 = 500 - P2-2P-021 You've also determine approximate values of P2 = 100. Py = 25. and I = 1,000 Determine the own-price elasticity for good Z and explain what type of good it is Round to three decimal places. Determine the cross-price elasticity for good Z and explain what type of good it is. Round to three decimal places Determine the income elasticity for good Z and explain what type of good it is. Round to three decimal places Explain in words or use a graph to show how the demandsupply changes for NBA tickets. The price of beer in the stadium has increased The Commissioner has decided to increase the regular season by 5 games NBA players have decided to go on strike The local team just traded for one of the top players in the league The Superbowl was last weekend.

Answer 1

Dads = 50-4f + hos TR = 5 of 4 pz + Parls MR = 50-8 lst pas MC=0 MR = MC 50-8 Petons=0 (GotPus) aps 8 Ps= 6.25 +0. 125 PNS

a s=100-2 Pustos MRNS = 100-4 Pustes 100-UPNG +P = 0 (100ths), but .PNs = 25+0.258

6 Putting Point PNS PNS=25+0.25(6.25 +0/25Pms) las = 25+ 1.5625+0.03125 PNS 0.96875 245 = 26.5625 PNS = 27:419 ~ 27:42 6257 0.125x27.42 = 6.25+3.4275 P= 9.6775