Questions: 6.4 Assume that on May 1st 2015, the Rockies played the Pittsburgh Pi
ID: 1199069 • Letter: Q
Question
Questions:
6.4 Assume that on May 1st 2015, the Rockies played the Pittsburgh Pirates. Tickets sold for $30 and the paid attendance was 30,000. (Assume that all tickets sold for $30.) Which of the four demand curves best represents this situation. Briefly explain.
6.5 Now assume that it is May 24th and the New York Yankees travel to Denver to play the Rockies. Tickets are $50 (assume again that all tickets are sold at $50) and the game sold out weeks ago. Local newspapers are reporting that people are buying tickets from ticket scalpers for over a $100 per ticket. Which of the four demand curves best represents this situation? Briefly explain.
6.6 Using the information from the article and our discussion of price gouging in Miami after the hurricane, explain how variable pricing can be beneficial to society.
Explanation / Answer
6.4 it is best represented by D1 because on D1 when Price is $30, Total revenue is $30000.
6.5 It is bst represented by D3 because on D3 when Price is $50, TR is $50,000
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