This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: When the manager of a local movie theater raises the price of movie tickets from 7.50 to 8.50, his ... (Read 86 times)

saraeharris

  • Hero Member
  • *****
  • Posts: 546
on: Jun 30, 2018
When the manager of a local movie theater raises the price of movie tickets from 7.50 to 8.50, his total revenue falls. This means that:
 a. the demand for movie tickets is highly elastic.
  b. the supply of movie tickets is perfectly elastic.
  c. the supply of movie tickets is unit-elastic.
  d. the demand for movie tickets is inelastic.
  e. the supply of movie tickets is inelastic.

Question 2

Ben consumes soda and cheeseburgers. If his marginal utility from sodas is currently 20, and his marginal utility from cheeseburgers is 10, and the price of cheeseburgers is twice the price of sodas,
 a. Ben is in equilibrium.
 b. Ben should increase his soda consumption and decrease his cheeseburger consumption.
  c. Ben should decrease his soda consumption and increase his cheeseburger consumption.
  d. we cannot conclude that any of the above are correct.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

popopong

  • Sr. Member
  • ****
  • Posts: 307
Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

b


saraeharris

  • Member
  • Posts: 546
Reply 2 on: Jun 30, 2018
Gracias!

mammy1697

  • Member
  • Posts: 341
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

All patients with hyperparathyroidism will develop osteoporosis. The parathyroid glands maintain blood calcium within the normal range. All patients with this disease will continue to lose calcium from their bones every day, and there is no way to prevent the development of osteoporosis as a result.

Did you know?

The Centers for Disease Control and Prevention (CDC) was originally known as the Communicable Disease Center, which was formed to fight malaria. It was originally headquartered in Atlanta, Georgia, since the Southern states faced the worst threat from malaria.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

No drugs are available to relieve parathyroid disease. Parathyroid disease is caused by a parathyroid tumor, and it needs to be removed by surgery.

Did you know?

Although puberty usually occurs in the early teenage years, the world's youngest parents were two Chinese children who had their first baby when they were 8 and 9 years of age.

Managing large bands of grazing animals requires detailed knowledge of local landscapes, especially Managing large bands of grazing animals requires detailed knowledge of local landscapes, especially
Luna Park at Coney Island was a vast living theater in which strollers were both spectators and acto Luna Park at Coney Island was a vast living theater in which strollers were both spectators and acto
Medical assistant extern clarifying externship issues with the office manager. Medical assistant extern clarifying externship issues with the office manager.
Reconstruction Drawing of the Theater, Epidauros Reconstruction Drawing of the Theater, Epidauros
Route for administrative of local anesthesia Route for administrative of local anesthesia
Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ... Suppose the market supply curve is p = 5Q. If price increases from 10 to 15, the change in ...
Video: Stress and Immune System Animation

For a complete list of videos, visit our video library