Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Microeconomics Expert

Q1) Owner of Los Angeles Dodgers has commissioned study that  illustrated the demand by fans for stadium seats (per playing date) to be  P = 22 - 0.2Q,

where P is average price of ticket and Q represents number of seats (expressed in thousands). Dodger Stadium seats maximum of 56.000 per game. Price has been set by owner at $10 per ticket. (Note:  We are  suppose for simplicity that all seats are same in this problem. Same analysis would apply for each kind of seat otherwise.)

a. How much revenue does owner make at current price?

b. Suppose that owner of Los Angeles club is first and foremost interested in maximizing revenue, has owner overpriced or underpriced tickets to Dodger games? (Note, marginal revenue in this case is given by MR = 22 - 0.4Q)

c. Owner comes to you and says he will give you 10% of any increase in revenues that you can make for him this coming season. Provided that you can only charge per ticket price, how much money can you expect to make per game during coming season?

d. is there optimal number of empty seats (per playing date) from owner's point of view? If so, what is it?

Microeconomics, Economics

  • Category:- Microeconomics
  • Reference No.:- M923241

Have any Question? 


Related Questions in Microeconomics

Article analysisplease choose an article from the wall

Article Analysis Please choose an article from the Wall Street Joumal, The Economist, Bureau of Labor/Statistics, Bureau of Economic Analysis etc... or any peer reviewed article for the UOP library. Select one subjects f ...

Essay questionyour manager knows that you have completed a

Essay Question Your manager knows that you have completed a course in Purchasing and Materials Management. Your manager would like you to write an essay for your fellow workers about the key purchasing/ supply management ...

Desserts by jb case studyjay brown jb to his friends is a

Desserts by J.B Case Study Jay Brown (J.B. to his friends) is a student at the North-west Culinary Institute and specializes in preparing elab-orate desserts. After graduation. J.B. wants to open up a bakery. The bakery. ...

Assignmentwhat are the most important knowledge assets at

Assignment What are the most important knowledge assets at Dirt Bikes? What functions and employee positions are responsible for creating, distributing, and using these knowledge assets? Are all of these assets explicit ...

Microeconomics assignmentdiscussion forumnote the video has

Microeconomics Assignment DISCUSSION Forum Note: The video has Closed Captioning. To activate it, start the video, mouse over the bottom of the video and click on the CC icon, then select from the menu. This week's discu ...

Assignmentwhat are the two distinguishing properties of a

Assignment What are the two distinguishing properties of a public good? Explain each in one or two sentences. Give an example of a public good different from any of the examples in your text or my notes. What is the "fre ...

Assignmentreview the cba provided in the resources section

Assignment Review the CBA provided in the resources section between the Trustees of Columbia University and Local 2110 International Union of Technical, Office, and Professional Workers. Describe how this is similar to a ...

Short answer amp essay questionsyou must complete two short

Short Answer & Essay Questions You must complete two Short answer questions and one Essay question All answers must be in the form of a paragraph (minimum of 5 sentences per paragraph). Please select from below: Short An ...

Problem -the table below gives the income of each of four

Problem - The Table below gives the income of each of four individuals who are in a region. Calculate and plot the Lorenz curve and calculate the Gini coefficient for this economy. individual income 1 100 2 200 3 300 4 4 ...

1 please prove that two indifferent curve cannot cross each

1. Please prove that two indifferent curve cannot cross each other. 2. Please solve the following maximization problem u = √x 1 + x 2 max√x 1 + x 2 , st, p 1 x 1 + p 2 x 2 ≤ m 3. a. When prices are (p 1 , p 2 ) = (1, 2) ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen