198s2009.hw3

198s2009.hw3 - Department of Economics, HKUST ECON 198...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
1 Department of Economics, HKUST ECON 198 MICROECONOMIC THEORY I Semester: Spring 2009 Prof. S. F. Leung Lecture time: Mon & Wed 10:30am - 11:50am E-mail: sfleung@ust.hk Teaching assistant: Peter TSUI (E-mail: ecpeter@ust.hk, Office: 2393) Tutorial hour: Fri 5:00pm-5:50pm Tutorial room: 2502 Homework #3 Due in class on Wednesday, April 22, 2009 1. Snyder and Nicholson, p. 226, Problem 7.3 2. Use economic theory to predict whether the price elasticity of demand for DVD players is higher than that for CD players. Explain. 3. A movie theater manager is considering changing the way he prices tickets. Suppose the current price of a ticket is $35. He hired an economics consulting firm to estimate the demand for tickets. The firm classified movie goers into two groups (general public and students) and obtained the demand curves for the general public ( Q gp ) and students ( Q s ) as follows: Q gp = 500 – 5P Q s = 200 – 4P (a) What is the quantity demanded by each group?
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

198s2009.hw3 - Department of Economics, HKUST ECON 198...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online