Homework Answers
Here from the given question firstly we have to understand that if the demand is inelastic then price and revenue moves in same direction which means if price decreases then revenue will also decrease and vice versa
if the demand is elastic then price and revenue moves in opposite direction which means if price increases then revenue will decrease and vice versa
so here according to Mayor, the demand is in elastic because for increasing revenue, the price has to increase
according to city manager the demand is elastic because to increase the revenue there need to be decrease in the price
so the correct answer here is option C
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You are in charge of the local city-owned golf course. You need to increase the revenue...
2. There is one public golf course on the island of Augusta. The golf course's demand...
2. There is one public golf course on the island of Augusta. The golf course's demand and cost curves are shown in the graph below. Only residents of the island are allowed to play on this golf course. The golf course charges a greens fee to play a round of golf. The island's council is debating how much the greens fee should be. Marginal Cost 2. PRICE COST Average Total Cost Demand Q, Q, Q, QAQs 0 Q, ATTENDANCE Marginal...
#14 help! resuit in a quahtity demanded O1 quantity demanded and price change by the same...
#14 help!
resuit in a quahtity demanded O1 quantity demanded and price change by the same percent as we move along the demand curve. d. c. price will rise by an infinite amount when there is a change in quantity demanded. 14. When the price of good A is $50, the quantity demanded of good A is 500 units. When the price of good A rises to S70, the quantity demanded of good A falls to 400 units. Using the...
Ouestion 3-(Chapter 5)-Elasticity: You own a small town movie theatre. You currently charge $5 per ticket...
Ouestion 3-(Chapter 5)-Elasticity: You own a small town movie theatre. You currently charge $5 per ticket for everyone who comes to your movies. Your friend who took an economics course in college tells you that there may be a way to increase your total revenue. Given the demand curves shown, answer the following questions. Price 10 10 530152025303540453055 6520 a. What is your current total revenue for both groups? b. The elasticity of demand is more elastic in which market?...
i have the answers for the first page the second page is what i need help...
i
have the answers for the first page the second page is what i need
help with
WORKSHEET 5 Below, you are provided with the dema calculate the price elasticity of demand as well as the total revenue associa a particular price increase leads to with the demand curve for tablet computers. You will City of demand at different points along this demand curve, evenue associated with each point. You will determine whether increase leads to an increase in total...
You are considering developing an 18-hole championship golf course that requires an investment of $20,000,000. This...
You are considering developing an 18-hole championship golf course that requires an investment of $20,000,000. This investment cost includes the course development, club house, and golf carts. Once constructed, you expect the maintenance cost for the golf course to be $640,000 in the first year, 5685,000 in the second year and continue to increase by $45,000 in subsequent years. The net revenue generated from selling food and beverage will be about 13% of greens fees paid by the players. The...
You are considering developing an 18-hole championship golf course that requires an investment of $25,000,000. This...
You are considering developing an 18-hole championship golf course that requires an investment of $25,000,000. This investment cost includes the course development, club house, and golf carts. Once constructed, you expect the maintenance cost for the golf course to be $620,000 in the first year, $685,000 in the second year and continue to increase by $65,000 in subsequent years. The net revenue generated from selling food and beverage will be about 18% of greens fees paid by the players. The...
You have been hired by the city to determine whether or not an increase in the...
You have been hired by the city to determine whether or not an increase in the price of tickets for the mass transit system would raise system revenue. The debate has been heated, and the city council seems to be divided. Side A argues that to increase revenues from the transit system, prices must be increases. Side B argues that a price increase at this time will lower revenues. What assumptions are each side making about the price elasticity of...
please finish all questions have been informed that the price is less than 1. To increase total revenues, 9. You...
please finish all questions
have been informed that the price is less than 1. To increase total revenues, 9. You are the sales manager for a software company elasticity of demand for your most anular software is less than you should: A. Increase the price of the software B. Decrease the price of the software C. Hold the price of the software constant D. Increase the supply of the software 10. Which of the following factors will make the demand...
Part D please. Paragraph course in Florida and you need to determine how many golf carts...
Part D please.
Paragraph course in Florida and you need to determine how many golf carts you need to buy to maximize profits. Please answer the following questions given the 1. You own a golf information below. golf cart costs 2000 rounds of golf and the rate of depreciation is A brand new 5%. The real interest rate is 8% The expected marginal product of capital is given by MPKf 1000 10K. What is the user cost of capital and...
Question 4 [22 marks] Pinesboro Herald is the only local newspaper in the city of Pinesboro....
Question 4 [22 marks] Pinesboro Herald is the only local newspaper in the city of Pinesboro. The publisher faces the demand schedule shown in the first table below and has the cost schedule shown in the second table. Price (dollars per copy) Quantity demanded (copies per day) 0.40 500 0.50 400 0.60 300 0.70 200 0.80 100 0.90 0 Quantity produced (copies per day) Total cost (dollars per day) 0 100 100 105 200 120 300 145 400 180 500...
2. There is one public golf course on the island of Augusta. The golf course's demand and cost curves are shown in the graph below. Only residents of the island are allowed to play on this golf course. The golf course charges a greens fee to play a round of golf. The island's council is debating how much the greens fee should be. Marginal Cost 2. PRICE COST Average Total Cost Demand Q, Q, Q, QAQs 0 Q, ATTENDANCE Marginal...
#14 help!
resuit in a quahtity demanded O1 quantity demanded and price change by the same percent as we move along the demand curve. d. c. price will rise by an infinite amount when there is a change in quantity demanded. 14. When the price of good A is $50, the quantity demanded of good A is 500 units. When the price of good A rises to S70, the quantity demanded of good A falls to 400 units. Using the...
Ouestion 3-(Chapter 5)-Elasticity: You own a small town movie theatre. You currently charge $5 per ticket for everyone who comes to your movies. Your friend who took an economics course in college tells you that there may be a way to increase your total revenue. Given the demand curves shown, answer the following questions. Price 10 10 530152025303540453055 6520 a. What is your current total revenue for both groups? b. The elasticity of demand is more elastic in which market?...
i
have the answers for the first page the second page is what i need
help with
WORKSHEET 5 Below, you are provided with the dema calculate the price elasticity of demand as well as the total revenue associa a particular price increase leads to with the demand curve for tablet computers. You will City of demand at different points along this demand curve, evenue associated with each point. You will determine whether increase leads to an increase in total...
You are considering developing an 18-hole championship golf course that requires an investment of $20,000,000. This investment cost includes the course development, club house, and golf carts. Once constructed, you expect the maintenance cost for the golf course to be $640,000 in the first year, 5685,000 in the second year and continue to increase by $45,000 in subsequent years. The net revenue generated from selling food and beverage will be about 13% of greens fees paid by the players. The...
You are considering developing an 18-hole championship golf course that requires an investment of $25,000,000. This investment cost includes the course development, club house, and golf carts. Once constructed, you expect the maintenance cost for the golf course to be $620,000 in the first year, $685,000 in the second year and continue to increase by $65,000 in subsequent years. The net revenue generated from selling food and beverage will be about 18% of greens fees paid by the players. The...
please finish all questions
have been informed that the price is less than 1. To increase total revenues, 9. You are the sales manager for a software company elasticity of demand for your most anular software is less than you should: A. Increase the price of the software B. Decrease the price of the software C. Hold the price of the software constant D. Increase the supply of the software 10. Which of the following factors will make the demand...
Part D please.
Paragraph course in Florida and you need to determine how many golf carts you need to buy to maximize profits. Please answer the following questions given the 1. You own a golf information below. golf cart costs 2000 rounds of golf and the rate of depreciation is A brand new 5%. The real interest rate is 8% The expected marginal product of capital is given by MPKf 1000 10K. What is the user cost of capital and...
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