In Problem 5, you found the profit that a promoter of a major college basketball tournament would
Question:
a. Find the total demand for tickets by adding the demand curves of adults and students.
b. Derive the inverse demand curve for tickets, as well as the associated marginal revenue curve associated with that demand.
c. Find the profit-maximizing quantity of tickets and the corresponding price.
d. Determine the promoter's profit.
e. Compare the promoter's profit when he tries to price for the entire market, to his profit when he simply charges the adult price from the previous problem. Is it better for the promoter to price for the entire market and almost fill the arena, or to price for adults only and have a lot of empty seats?
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a The total demand is Q ad Q st 5000 10P 10000 100P ...View the full answer
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Related Book For 
Microeconomics
ISBN: 9781464146978
1st Edition
Authors: Austan Goolsbee, Steven Levitt, Chad Syverson
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