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 227 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
Great answer, keep it coming :)

JaynaD87

  • Member
  • Posts: 368
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

When Gabriel Fahrenheit invented the first mercury thermometer, he called "zero degrees" the lowest temperature he was able to attain with a mixture of ice and salt. For the upper point of his scale, he used 96°, which he measured as normal human body temperature (we know it to be 98.6° today because of more accurate thermometers).

Did you know?

Fungal nail infections account for up to 30% of all skin infections. They affect 5% of the general population—mostly people over the age of 70.

Did you know?

Multiple sclerosis is a condition wherein the body's nervous system is weakened by an autoimmune reaction that attacks the myelin sheaths of neurons.

Did you know?

Approximately 15–25% of recognized pregnancies end in miscarriage. However, many miscarriages often occur before a woman even knows she is pregnant.

Did you know?

Autoimmune diseases occur when the immune system destroys its own healthy tissues. When this occurs, white blood cells cannot distinguish between pathogens and normal cells.

Manager's Responsibilities to Employee and Physician-Employer Manager's Responsibilities to Employee and Physician-Employer
Selected Local Anesthetics Selected Local Anesthetics
Local Anesthetic Agents Local Anesthetic Agents
Recommended Maximum Doses of Local Anesthetics with Vasoconstrictor Recommended Maximum Doses of Local Anesthetics with Vasoconstrictor
Real Price of Oil, 1861–2010 Real Price of Oil, 1861–2010
Route for administrative of local anesthesia Route for administrative of local anesthesia
Video: Otitis Media

For a complete list of videos, visit our video library