PROBLEM SET.docx

# PROBLEM SET.docx - PROBLEM SET NOTE I have 7 questions that...

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PROBLEM SET NOTE I have 7 questions that I need done. I have attempted Question 1, 3 and 5. Kindly check them and add brief explanations where necessary. The questions require you to explain your calculations so check the questions that I have done, make corrections where necessary and add the required explanations. For the other questions i.e Question 2,4, 6 and 7, do them all from scratch and do the very well. Also remember to explain your calculations. Do all parts of each of the questions exhaustively and do them right. Do not leave any part unattended or unanswered. Also remember to briefly explain your calculations. I need an A in this please. Use Graphs and Illustrations where necessary Thanks Question 1 A theater on Broadway recently increased the price of a ticket for a popular play by 8%. The attendance went down by 3%. What is the price elasticity of demand for tickets for this play? (2 points) What factors, besides the increase in the price of the ticket, could have contributed to the reduction in attendance? (3 points) Should the theater further increase or instead decrease the price of the ticket? What would be the optimal price of a ticket? (5 points)

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• Summer '16
• Dr. Willy

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