1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Keith_Richards [23]
3 years ago
10

Suppose a movie theater determines it can charge different prices to patrons who go to weekday matinees and people who attend ev

ening and weekend shows . The movie theater’s goal is to increase total revenue.The price elasticity of demand for weekend and evening patrons is -0.50, and the price elasticity of demand for matinee moviegoers is -1.70. Based on the price elasticity of demand for each group of people, how should the movie theater adjust its prices?
Business
1 answer:
bija089 [108]3 years ago
7 0

Answer:

increase the price of weekend and evening tickets

decrease the price of matinee tickets

Explanation:

If the price elasticity of demand is elastic, a small change in the price of movie tickets will cause a larger change in the quantity demanded. If the price elasticity of demand is inelastic, a large change in the price will cause a small change in the quantity demanded.

If the PED for weekend and evening patrons is inelastic, then the movie theater should increase the price of the weekend and evening tickets in order to increase total revenue. In this case, a 10% increase in price will result in a 5% decrease in sold tickets.

If the PED for matinee patrons is elastic, then the movie theater should decrease the price of the matinee tickets in order to increase total revenue. In this case, a 10% decrease in price will result in a 17% increase in sold tickets.

You might be interested in
32. How many significant accounting policies are listed under its Summary of Significant Accounting Policies
Gnom [1K]

Answer:

There are various significant accounting policies which are governed by IFRS and GAAP framework.

Explanation:

The significant accounting policies are revenue recognition, inventories accounting cost or NRV, Property plant and equipment, goodwill recognition and others. These policies are governed by accounting frameworks such as GAAP and IFRS. Both of these frameworks have differences in accounting treatment.

4 0
3 years ago
Select the correct answer from the drop-down menu. What is bias?
amid [387]

Answer:

bias is leaning toward a certain perspective for certain reasons other than logic like your own opinion. for example, a news reporter could report negatively about something because he/she is against it even tho it benefits the majority

6 0
4 years ago
Read 2 more answers
Maurice, the marketing head of a nonprofit organization, always begins his presentation on a project by sharing a lesser-known f
fomenos

Answer:

The answer is: a startling statistic.

Explanation:

Startling can be defined as causing momentary surprise, astonishment or even fright.

When you use a starling statistic or a startling statement, you will probably grab your audience´s complete attention right away. They are excellent starting points for a presentation.

One of the best examples is Chris Anderson starting a presentation with:

            “I'm going to tell you something that might surprise you:

               Since the Stone Age, more than half of the deaths of

                          humankind have been from 1 disease.”

3 0
3 years ago
Your Competitive Intelligence team is predicting that the Chester Company will invest in adding capacity to their Cent product t
____ [38]

Question Completion:

Product    Segment    Capacity Next Round

Attic          Core           1,130

Axe          Core          1,200

City          Core          1,300

Cent  Core          1,550

Dome  Core           1,145

Dug          Core          1,023

Answer:

Competitive Intelligence Team

The industry can produce 8,083 units in the Core segment next year.

Explanation:

a)Data and Calculations:

Product    Segment    Capacity      Increasing  New Capacity

                   Next Round     by 10%         next year

Attic          Core           1,130           113               1,243

Axe          Core          1,200         120         1,320

City          Core          1,300    130         1,430

Cent  Core          1,550    155         1,705

Dome  Core           1,145     115        1,260

Dug          Core          1,023    102         1,125

Total industry capacity   7,348        735              8,083

b) A Competitive Intelligence is an analysis for decision-makers that uncovers competitive gaps, products, and services.  It uses information about a firm's industry, business environment, and competitors' strategies to develop strategic initiatives and identify opportunities and threats facing the firm in the marketplace.

8 0
3 years ago
Fabian’s factory produces and sells computers and gaming consoles. Over time, he determined that he could produce gaming console
Alona [7]

Answer:

D. Opportunity cost.

Explanation:

  • Based on the question, the only information we have to know what led Fabian's decission is the fact that it is <u>more profitable for him to produce gaming consoles than computer systems.</u>
  • Then, for him, it is costly to produce computer systems in terms of the earnings he would set aside if he does not produce gaming consoles (because he is producing  computer systems instead).
  • Then, the opportunity cost of producing computer systems it is high: he could be earning more by producing gaming consoles.
  • Then, based on the opportunity cost, he decides to produce only gaming consoles.
6 0
3 years ago
Other questions:
  • Which is one advantage of owning a home compared to renting a place to live?
    7·1 answer
  • The set of business activities that add value to the end product is referred to as __________, in which information flows throug
    13·1 answer
  • After reviewing the service records at a car dealership, the CEO (chief executive officer) discovered that customers who schedul
    11·1 answer
  • How is a line of credit similar to a credit card?
    10·2 answers
  • Which structure would you be most likely to choose if your company wanted to give its sales people a predictable paycheck and al
    15·2 answers
  • Explain and give an example of any three of the following: good, service, free good, nuisance good, economic good, economic serv
    13·1 answer
  • ECONOMICS
    9·1 answer
  • To attract customers into a store, Safeway advertises its milk at less than cost, hoping that customers will purchase other groc
    6·1 answer
  • The most common type of two-year college is called a(n):
    10·1 answer
  • Yard Professionals Inc. experienced the following events in Year 1, its first year of operation:
    10·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!