Week 2 Team Assignment

Week 2 Team Assignment - The price for the students is...

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Price Quantity A. Qgp = 500 - 5P 500 - 5(35) = 325 Qs = 200 -4P 200 - 4(35) = 60 P = $35 Q = 325 Q = 60 B. Ep(gp) = 35/325 (-5) = -0.54 Ep(s) = 35/60(-4) = -2.33 C. Yes the director is maximizing for the revenue he collects for the general public but he is n The price for the general public is isoelastic because the general public income allows the
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Unformatted text preview: The price for the students is inelastic because the student income is not as high as the ge D. not maximizing his profits for the students. e demand to stay relative high although the price of the ticket is $35. eneral public and since price is a factor the demand is low....
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Week 2 Team Assignment - The price for the students is...

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