Question
In: Economics
To conduct an experiment, a movie theater increased movie ticket prices from $9 to $10 and...
To conduct an experiment, a movie theater increased movie ticket prices from $9 to $10 and measured the change in ticket sales. The theater then gathered data over the following month to determine whether the price increase was profitable. Assume total costs to the theater are the same, whether the price of a ticket is $9 or $10.
In order for the ticket price to have been profitable over the month, the elasticity of demand for movie tickets must be (INELASTIC OR ELASTIC) .
Demand curves become (MORE OR LESS) elastic in the long run. This means that the ticket price increase will likely be (MORE OR LESS) profitable in the long run.
Solutions
Rahul Sunny answered 1 year agoRelated Solutions
XYZ operates a movie theater. A movie ticket is $16.00 per ticket, and costs nothing
XYZ operates a movie theater. A movie ticket is $16.00 per ticket, and costs nothing. On average 40% of the customers will buy a soda ($6 each, cost $1); 60% will buy food ($6 average price with a cost of $2). The fixed costs are $387,600.
Calculate the break-even quantity and $sales for tickets, soda and food(10 points)
The theater wishes to make $96,900 profit. Calculate the target profit quantity and sales for tickets, soda and popcorn (10 points)...
Problem #4 – Logical Operators: Movie Ticket Price The local movie theater in town has a...
Problem #4 – Logical Operators: Movie Ticket
Price
The local movie theater in town has a ticket price of
$12.00.
But, if you are a senior (55 and older), or are under
10, or are seeing a matinee which screens from 3 pm to 5 pm, you
get the discounted price of $7.00, nice!
Hint 1: "55 and older" is INCLUSIVE
Hint 2: under 10 is EXCLUSIVE
Hint 3: the range 3 to 5 is INCLUSIVE
Hint 4: limit 1...
*****IN JAVA**** Implement a theater seating chart as a two-dimensional array of ticket prices, like this: {10,...
*****IN JAVA****
Implement a theater seating chart as a
two-dimensional array of ticket prices, like this:
{10, 10, 10, 10, 10, 10, 10, 10, 10, 10}
{10, 10, 10, 10, 10, 10, 10, 10, 10, 10}
{10, 10, 10, 10, 10, 10, 10, 10, 10, 10}
{10, 10, 20, 20, 20, 20, 20, 20, 10, 10}
{10, 10, 20, 20, 20, 20, 20, 20, 10, 10}
{10, 10, 20, 20, 20, 20, 20, 20, 10, 10}
{20, 20, 30, 30, 40,...
A movie theater has at most 90 seats available. Each adult movie ticket costs $14, and...
A movie theater has at most 90 seats available. Each adult movie
ticket costs $14, and each child movie ticket costs $8. To make a
profit, the theater must bring in more than $852 in ticket sales
per show. A) In terms of A and C, write an inequality that
represents the restriction on total occupancy. B) In terms of A and
C, write an inequality that represents the restriction on total
ticket sales. C) Make a graph that represents...
In Python Suppose there is a movie theater who charges ticket based on ages. Less than...
In Python
Suppose there is a movie theater who charges ticket based on
ages. Less than 3 years old, free; between 3 to 12, $10; more than
12 years old, $15. Please design a program with loop to,
1) Ask the name then age of the audience,
2) Based on audience's input, tell the audience (with the
person's name) how much is the ticket,
3) Stop the program when type in 'quit' in your program.
Consider the movie ticket and popcorn example discussed in Section 17.7. The theater sells two products,...
Consider the movie ticket and popcorn example discussed in
Section 17.7. The theater sells two products, tickets and popcorn.
Suppose the weekly demand for movie tickets is
Qdtix=500−25Ptix−20Ppopcorn,
where Ptix and
Ppopcorn are the prices of a ticket
and a bag of popcorn, respectively. Suppose that each time a
moviegoer buys a ticket, his demand for popcorn is
Qdpopcorn=3−0.4Ppopcorn,
where Qdpopcorn is the number of
bags of popcorn the moviegoer buys. Suppose further that the
theater's...
Sometimes consumers don’t face the same prices. For example, a movie theater may offer cheaper tickets...
Sometimes consumers don’t face the same
prices. For example, a movie theater may offer cheaper
tickets to senior citizens, or local restaurants may provide
student discounts. How would different prices charged to different
people change our model of the consumer problem? Would people end
up at points on the ICs with the same slope upon solving their
consumer problems? If not, why wouldn’t they be able to improve
themselves through mutually beneficial trades (keeping in mind the
movie ticket and...
We are interested in looking at ticket prices of MLB games. It is known from past...
We are interested in looking at ticket prices of MLB games. It
is known from past information that the average price is $26.30,
with a population standard deviation of $2.32. Suppose we take a
sample of the last 5 years and find that the average ticket price
is $29.94. We are interested in seeing if the average price of
tickets has significantly increased. Use alpha=.10.
Find the 90% confidence interval for ticket price.
The null and alternative hypotheses are:
What...
We are interested in looking at ticket prices of MLB games. It is known from past...
We are interested in looking at ticket prices of MLB games. It
is known from past information that the average price is $26.30,
with a population standard deviation of $2.32. Suppose we take a
sample of the last 5 years and find that the average ticket price
is $29.94. We are interested in seeing if the average price of
tickets has significantly increased. Use alpha=.10.
Find the 90% confidence interval for ticket price.
The null and alternative hypotheses are:
What...
We are interested in looking at ticket prices of MLB games. It is known from past...
We are interested in looking at ticket prices of MLB games. It
is known from past information that the average price is $26.30,
with a population standard deviation of $2.32. Suppose we take a
sample of the last 5 years and find that the average ticket price
is $29.94. We are interested in seeing if the average price of
tickets has significantly increased. Use alpha=.10. Find the 90%
confidence interval for ticket price.
a.
(28.6103, 31.2697)
b.
(28.2334, 31.6466)
c....
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- 1.) Economies of scale refer to A.) the minimum point on the short-run average total cost curve...
- Discuss the role of moral hazard and adverse selection in the 2007–2008 financial crisis.
- Choose two different types of businesses (grocery store or an electronics store), and choose a product...
- You are overseeing a process that has a feed of X, Y, and Z entering a...
- Describe telomeres and how they contribute to genome stability in human cells. Discuss their roles in...
- The following two schedules show the amounts of additional satisfaction (marginal utility) that a consumer would...
- In Modern Infrastructure strategy there are 2 basic models to consider. Keep in mind choosing the...
ADVERTISEMENT