Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Business Economics Expert

Economics


Home >> Business Economics

Supply and demand analysis using foot ball game and ticket price.

(a) "Lately the price of gold keeps going up and up, and people keep buying more and more. The demand for gold must be upward sloping." Does this statement contain an analytical error? Fully describe your reasoning

(b) Illustrate what happens to the demand for pizza if the price of that product decreases? Illustrate what happens to the supply of tomatoes if the wages of tomato pickers increase? If national income falls, what happens to the demand for pizza? What happens to the demand for pizza if the price of hamburgers increases? What happens to the demand curve for pizza? What are the effects on equilibrium price and quantity of pizza?

(c) Assume that a big football game is a sell-out on a college campus at a given ticket price of $25.00 and that the quantity demanded far exceeds the quantity of tickets supplied at that price. "Scalping" results. Fully describe this on the basis of supply and demand. What will occur?

Business Economics, Economics

  • Category:- Business Economics
  • Reference No.:- M921477

Have any Question?


Related Questions in Business Economics

1 dominos pizza is willing is willing to pay kes 250 in

1. Domino's pizza is willing is willing to pay Kes 250 in airtime to each person interviewed about his or likes and dislikes of types of pizza crust. Of the people interviewed, 220 liked a thin crust, 270 like a thick cr ...

What does this demand sequence meani am assuming that xyand

What does this demand sequence mean? (I am assuming that x,y,and s are related products) Qx= 1.5 -3.0Px  +  0.8(Income)   + 2.0 Py -0.6 Ps   + 1.2(Advertising) Then a year passes and the values are: Px=2 I=2.5 Py=1.80 Ps ...

Some residents of the village of taugswater have proposed

Some residents of the village of Taugswater have proposed purchasing logging permits relating to a nearby wilderness area. The majority of residents agree that the purchase of permits, to be set aside and not used, is th ...

Suppose that the weight x in pounds of a 30 year old man is

Suppose that the weight (x) in pounds of a 30 year old man is a normal random variable with mean 182.9 and standard deviation of 20lbs. in what percentile is a 30 year old man who weighs 150lbs?

A club consists of 10 seniors 12 juniors and 15 sophomores

A club consists of 10 seniors, 12 juniors, and 15 sophomores. An organizing committee of size 5 is chosen randomly (with all subsets of size 5 likely). Find the probability that the committee has at least one representat ...

Discuss the benefits and challenges of developing

Discuss the benefits and challenges of developing center-based learning environments.

What should ngos non-governmental organization do in

What should NGOs (non-governmental organization) do in regions of conflict or war? The benefits of having NGO's personnel in such regions outweigh the risks?

Describe two factors contributing to the gender pay gap

Describe two factors contributing to the gender pay gap. Write one equation or one graph for each. What policies could the government pursue to address each factor? Should the government do so?

A company that manufactures gasoline station pumps must

A company that manufactures gasoline station pumps must ensure that it pumps at least 1 gallon of gasoline 84% of the time. If the population of pump amounts for a particular pump is normally distributed with mean μ and ...

The probability that a married man watches a certain

The probability that a married man watches a certain television show is 0.4 and the probability that a married woman watches the show is 0.5. The probability that a man watches the show, given that his wife does, is 0.7. ...

  • 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

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As

Follow Us

© Copyright 2013-14 mywordsolution.com All rights reserved