If Big Top is regulated to charge a price equal to average total cost, what is the

Question:

If Big Top is regulated to charge a price equal to average total cost, what is the quantity of tickets sold, the price of a ticket, and economic profit?

Big Top is the only circus in the nation. The table sets out the demand schedule for circus tickets and the cost schedule for producing the circus.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Foundations Of Economics

ISBN: 9780135897478

9th Edition

Authors: Robin Bade, Michael Parkin

See More Books

Question Posted: Jan 04, 2023 03:45 AM

See More Questions

If Big Top is regulated to produce the efficient output, what is the quantity of tickets sold, what is the price of a ticket, and what would be the consumer surplus? Big Top is the only circus in the...
What is the quantity of pesticide produced if no one owns the lake and what is the efficient quantity of pesticide? When factories produce pesticide, they also create waste, which they dump into a...
What is the quantity of water taken and what is the private cost of the water taken? A spring runs under a village. Everyone can sink a well on her or his land and take water from the spring. Figure...
Let x be the number of magazines a person reads every week. Based on a sample survey of adults, the following probability distribution table was prepared. Find the mean and standard deviation of x. 0...
Distinguish between production orientation and marketing orientation, illustrating with local examples.
Under what conditions does a glacier front advance? How about retreat?
An increasing number of electronic files are secured by encryption measures for added levels of protection. Such measures may make it difficult for law enforcement officials to access computer hard...
Dollar Tree Stores, Inc., and Dollar General Corporation are both discount retailers. As their adapted income statements (in $ millions) show, Dollar General's sales revenue was more than double that...
The video about sign language demonstrated: A . Most sign languages are very similar. B . All sign languages use the same gesture for the word "what". C . English - speaking countries use the same...
Case Background Live Nation Entertainment ("Live Nation") is a publicly traded company headquartered in Beverly Hills, California. Live Nation has retained alliantgroup to identify an Employee...
A monopoly that price discriminates ______. A. Benefits buyers because it offers the good at a variety of prices B. Gains because it converts consumer surplus to economic profit C. Uses resources...
Draw a graph to illustrate the circus market if regulators set a price cap that enables Big Top to break even. Show the deadweight loss in your graph. Big Top is the only circus in the nation. The...
Working backward from data on marketable securities transaction. (Adapted from a problem by S.A. Zeff.) During 2008, Fischer/Black Co. purchased equity securities classified as securities available...
summarize the devotion reading and discuss how this relates to your own life. Why is living with virtue important? What are some of the main distractions in life that keep us from living a virtuous...
Why is it important to have a quality mindset as a strategic leader? How does leading with a quality mindset improve patient-centered care and ultimately patient outcomes? How will leading with a...
2. Given a square matrix A, eigenvalues of A are denoted as A, and are found by solving det(A-AI) = 0. (a) Define matrix A to be 1 -1 0 A = -1 2 -1 0 -1 1 Find a cubic equation for the eigenvalues of...
1. Discuss the product differentiation strategy of Lux. Do you concur with the approach? Give reasons? 2. What factors contributed to the success of the Lux promotional campaign? 3. Why the...
Discuss the various issues that have arisen concerning the scoring and use of the information obtained from projective instruments that have questioned their general usefulness in selection.
Let (, A, P) = ([0, 1), B(0,1),) where is the Lebesgue measure, and let the transformation T be defined by T(x)=x + 1/2, x ( [0, ), T(x) = x = , x( [ , 1). Then show that T is measurable and...
Tiger, Inc. signed a lease for equipment on July 1, 2007.The lease is for 10 years (the useful life of the asset).The first of 10 equal annual payments of $500,000 was made on July 1, 2007.The...
During Valentines week, more people buy chocolates and chocolates offer their chocolates in special red boxes, which cost more to produce than the everyday box. Set out the three-step process of...
Raising the minimum wage to $15 an hour will bring dignity and respect to 2.2 million people, many of whom have been forced to live in poverty for too long, said Governor Andrew Cuomo. Between...
Bacon is 25 percent cheaper now than a year ago and bacon sales are up 13 percent on the year. At the same time, the bird flu virus is killing millions of chickens, raising egg prices. Explain how...
Solve the following system of equations by the substitution method. Check the solution(s). y = 3x+2 5x+2y=9
Use the future value formula to find the indicated value. FV = $5227; n = 11; i = 0.06; PMT = ? PMT = $ (Round to the nearest cent.)
Sugarland Industries reported a net income of $790,750 on December 31, 2021. At the beginning of the year, the company had 540,000 common shares outstanding. On April 1, the company sold 29,400...

If Big Top is regulated to charge a price equal to average total cost, what is the

Question:

Price (dollars per ticket) 20 18 16 14 12 1986 10 4 Quantity (tickets per show) 0 100 200 300 400 500 600 700 800 Total cost (dollars per show) 1,000 1,600 2,200 2,800 3,400 4,000 4,600 5,200 5,800

Step by Step Answer:

The quantity will be a bit more than 600 and the price will somewhat less than 8 ...View the full answer

Foundations Of Economics

Students also viewed these Business questions