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- I 60 50 40 30 20 10 Comerica Park: 42,000 Capacity 10000 20000 30000 MC 40000 DL DH MRL MRH MRL and DL are for low-demand games. MRH and DH are for high-demand games. Based on the graph above, what is the total revenue for both games (high and low demand games) if the price is set at the high- demand price level?Say that a certain stadium for professional football has 70,000 seals. What is the shape of the supply curve for tickets to football games at that stadium? Explain.On the following graph, use the green point (triangle symbol) to plot the annual total revenue when the market price is $40, $60, $80, $100, $120, $140, and $160 per bike. 6250 5820 Total Revenue 5390 4960 4530 4100 3670 3240 2810 2380 20 40 60 80 100 120 140 160 180 200 220 240 PRICE (Dollars per bike) According to the midpoint method, the price elasticity of demand between points A and B is approximately Suppose the price of bikes is currently $80 per bike, shown as point A on the initial graph. Because the demand between points A and B is , a $20-per-bike decrease in price will lead to in total revenue per day. In general, in order for a price increase to cause an increase in total revenue, demand must be TOTAL REVENUE (Dollars)
- The chart below shows how annual electricity for an average Ontario household would vary with the price paid for electricity. Calculate the arc elasticity of demand for electricity for this average houschold. Also, in the final column, calculate the total revenue from sales of clectricity to this household. Price Quantity Demanded Kwh/year Total Revenue $/kwh Elasticity of Demand $0.25 1200 -0.36 $0.20 1300 $0.15 1400 $0.10 1500 $0.05 1600 Hint: The own price elasticity of demand is the percentage change in the quantity demanded divided by the percentage change in the price. What factors do you think influence the elasticity of demand for this household?What are the expected signs of the income elasticity of demand for high-speed rail and the cross elasticity of demand between high-speed rail and coaches. How does information on these elasticities help the high-speed rail company in business decisions? Explain.The supply and demand schedules for tickets to basketball games in town of Oakwood are given in the table below.Price Quantity DemandedQuantity Supplied$65,0002,00074,0002,00083,0002,00092,0002,000101,0002,000The stadium owners need to find the optimum price for the games.What are the coefficients of elasticity of supply and demand if the price is raised from $6 to $8?
- The supply and demand schedules for tickets to basketball games in town of Oakwood are given in the table below.Price Quantity DemandedQuantity Supplied$65,0002,00074,0002,00083,0002,00092,0002,000101,0002,000The stadium owners need to find the optimum price for the games.What are the coefficients of elasticity of supply and demand if the price is raised from $6 to $8? Characterize the demand and supply for tickets based on the calculated elasticies. What is the optimum price that the stadium owners can set for the tickets? Why is the selected price for the tickets better than other prices given in the table above?the demand function for a commodity is Q-500-5P. find out point arc elasticity for fall in price from rs 25 to rs 20.6. Elasticity and total revenue The following graph shows the daily demand curve for bikes in Chicago. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. 120 110 Total Revenue 100 90 80 70 60 40 A 30 20 10 Demand 16 24 32 40 48 56 64 72 80 88 96 QUANTITY (Bikes) PRICE (Dollars per bike) 50
- Please no written by hand What is the absolute value of the price elasticity of demand for bus tickets using the simple percentage change method?The market demand gor wheat is Q = 100 - 2p + 1pb. Where pb is the price of barley. if the proce of wheat is $2, the price of elasticity of demand is a. equals -1 b. equals -4/46 c. equals -46 d. cannot be calculated without more infornationGiven the covid environment what do you think the elasticity for Mask was prior to April 2020 versus after April 2020 explain