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Inessa [10]
3 years ago
9

When the price of movie tickets in a certain town was reduced, the movie-theaters' revenues did not change. This suggests that t

he demand for movie tickets in that town has a price-elasticity coefficient of
1.0
>1.
0.5
zero
Business
1 answer:
bearhunter [10]3 years ago
4 0

Answer:

Elasticity is 1.0

Explanation:

Price elasticity is a measure of the responsiveness of quantity demanded to changes in prices.

When the ratio of change in quantity to change in price is one, it is unit elastic.

So if price of movie tickets reduce by 5 units the quantity will increase by 5 units.

This will result in same amount of revenue at all prices.

The demand is perfectly elastic.

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Ray's Pizzeria is considering the addition of a 5th worker if this increases profit. Pizza sales increased from 300 per day to 3
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Answer:

60 pizzas

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Explanation:

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Marginal product = change in output / change in input

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It can be seen that marginal product decreased from 60 to 40 when the 5th worker was added. This illustrates diminishing marginal returns.

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During her psychology test, Kelsey could not remember the meaning of the term MNEMONICS. Surprisingly, however, she accurately r
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When coffee is traded between countries it is called a
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White Company's wages payable account had a beginning balance of $3,757 and an ending balance of $2,070. During the year, wages
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the amount paid during the year is $16,875

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