Florida State University has just lowered the price of its season football tickets from $350.00 to $300.00. As a result, there was an increase in the number of season tickets purchased from 43,000 to 47,000
The price elasticity of demand for season tickets equals A) 1.71.
B) 1.58.
C) 0.71.
D) 0.58.
D
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Which of the following properties must a good have to be used as money?
A) It should be a durable good. B) It should be issued by a government of central bank. C) It should have intrinsic value. D) It should be shiny.
If a monopolist wants to increase the amount it sells, it
A) will keep the price the same. B) must lower the price on all units. C) must accept lower profits. D) must lower the cost of production.
Consider the following information regarding a person's decision to go to college: college tuition is $20,000 per year, room and board is $10,000 per year, and books and materials are $2,000 per year. Suppose that instead of going to college this person could have earned $18,000 working in a store. An economist would calculate the cost of going to college as
a. $20,000. b. $30,000. c. $32,000. d. $50,000. e. $18,000.
Supply curves slope upward because:
A. the quality is assumed to vary with price. B. technology improves over time, increasing the ability of firms to produce more at each possible price. C. increases in the price of a good lead to rightward shifts of the supply curve. D. rising prides provide producers with the incentives needed to increase the quantity supplied.