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 254 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
Excellent

softEldritch

  • Member
  • Posts: 334
Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

« previous next »
 

Did you know?

It is difficult to obtain enough calcium without consuming milk or other dairy foods.

Did you know?

Cytomegalovirus affects nearly the same amount of newborns every year as Down syndrome.

Did you know?

Barbituric acid, the base material of barbiturates, was first synthesized in 1863 by Adolph von Bayer. His company later went on to synthesize aspirin for the first time, and Bayer aspirin is still a popular brand today.

Did you know?

People with alcoholism are at a much greater risk of malnutrition than are other people and usually exhibit low levels of most vitamins (especially folic acid). This is because alcohol often takes the place of 50% of their daily intake of calories, with little nutritional value contained in it.

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.

Medical assistant extern clarifying externship issues with the office manager. Medical assistant extern clarifying externship issues with the office manager.
How a local anesthetic blocks nerve conduction. How a local anesthetic blocks nerve conduction.
U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994 U.S. Subsurface Coal Mining: Output, Price, and Output per Worker-Hour, 1949–1994
Movie Inside Out Movie Inside Out
The price of rice in a small country is currently $6 per pound. In order to help low-income ... The price of rice in a small country is currently $6 per pound. In order to help low-income ...
Your company advertises all prices on the menu board as a final price, including HST of 13%. A ... Your company advertises all prices on the menu board as a final price, including HST of 13%. A ...
Video: Methods that regulate pH

For a complete list of videos, visit our video library