Suppose average movie ticket prices are $8.50 and attendance is 1.2 billion. The price of tickets rises
Question:
Suppose average movie ticket prices are $8.50 and attendance is 1.2 billion. The price of tickets rises to
$9.50 and attendance rises to 1.4 billion.
a. What happened to total revenue?
b. If you were to estimate elasticity from these figures, what would your estimate be?
c. What provisos would you offer about your estimate of elasticity?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
a To calculate the total revenue you can use the formula Total Revenue Price x Quantity Initial Tota...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
2+ Reviews
10+ Question Solved
Related Book For 
Question Posted:
