1) Draw a typical demand curve or schedule for Baseball and then show your answers the following: a) Suppose the ticket price for an amusement park (substitute) falls, what will happen to the demand for Baseball tickets? b) Suppose the economy continues to rebound and real incomes increase, if Baseball is an inferior good, what will happen to the demand for Baseball tickets? c) Cannot have Baseball without hot dogs (compliment). So, if the price of hotdogs decreases, what will happen to the demand for Baseball tickets? d) Suppose a greedy owner, to satisfy greedy players, increases the price of tickets for a baseball game, what will happen to the demand for Baseball tickets?

1) Draw a typical demand curve or schedule for Baseball and then show your answers the following: a) Suppose the ticket price for an amusement park (substitute) falls, what will happen to the demand for Baseball tickets? b) Suppose the economy continues to rebound and real incomes increase, if Baseball is an inferior good, what will happen to the demand for Baseball tickets? c) Cannot have Baseball without hot dogs (compliment). So, if the price of hotdogs decreases, what will happen to the demand for Baseball tickets? d) Suppose a greedy owner, to satisfy greedy players, increases the price of tickets for a baseball game, what will happen to the demand for Baseball tickets?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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