Answer:
10% of the total tickets was not sold
Explanation:
Total number of seats in the stadium =Total number of tickets produces=30000
Total ticket sales=Cost per ticket×Number of tickets sold
where;
Cost per ticket=$55
Number of tickets sold=N
Total ticket sales=$1,485,000
Replacing in the expression above;
$1,485,000=55×N
N=1,485,000/55
N=27,000 tickets
Number of tickets sold=N=27000 tickets sold
Total number of tickets=Total tickets sold+Total tickets unsold
where;
Total number of tickets=30000
Total tickets sold=N=27000
Total tickets unsold=S
Replacing;
30000=27000+S
S=30000-27000
S=3000 tickets unsold
Percentage of tickets unsold=(Number of tickets unsold/Total number of tickets)×100
(3000/30000)×100=10%
10% of the total tickets was not sold
Answer:
Option C Simple printing needs, purchase decisions made by owner who is price sensitive
Explanation:
The reason is that the needs of the company requires just conveying the message about the swimming pools and the monthly, weekly and daily services subscription packages. It must be clear that each customer of swimming pool company constitutes to very small share of profits. So the marketing strategy required for such customer who reside near the swimming pool requires less costs to tell them about the swimming pool. Th printing will be very simple and less costly and the decision maker here is the owner who knows that to what extent the company must invest in marketing to generate required sales.
Answer:
RELATIVELY INELASTIC
more elastic
less
Explanation:
Price elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Price elasticity of demand = percentage change in quantity demanded / percentage change in price
If the absolute value of price elasticity is greater than one, it means demand is elastic. Elastic demand means that quantity demanded is sensitive to price changes.
Demand is inelastic if a small change in price has little or no effect on quantity demanded. The absolute value of elasticity would be less than one
Demand is unit elastic if a small change in price has an equal and proportionate effect on quantity demanded
If demand is relatively inelastic and price increases, there would be little or no change in the quantity demanded and as a result, total revenue would increase
If demand were elastic and prices were increased, quantity demanded would fall more than the increase in price. As a result, total revenue would fall
In the long run, people have more time to search for suitable alternatives. Thus, demand tends to be more elastic in the long run
If the long run, price is increased, the total quantity demanded would fall and revenue would fall
The answer is False. I had it on a test and picked true, i got it wrong.
Answer:
D. Marginal revenue for producing the 9 units is $15
Explanation:
TR(8) = $48
TR(9) = $63
MR(9) = TR(9) - TR(8) = $63 - $48 = $15
AR(8) = TR(8) / 8 = $48/8 = $6
AR(9) = TR(9)/9 = 63/9 = $9
Note: TR=Total revenue, AR= Average Revenue and MR=Marginal Revenue
So, the only correct option is option d
