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Author Question: When the manager of a local movie theater raises the price of movie tickets from 7.50 to 8.50, his ... (Read 228 times)

saraeharris

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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.


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popopong

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Reply #1 on: Jun 30, 2018
Answer to Question 1

a

Answer to Question 2

b


saraeharris

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

Mochi

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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