Every year in September, the NFL (National Football League) announces official prices of their nextSuperbowl tickets. The official ticket prices for 2020 Superbowl ticket in the NFL official websitesstarted from $4,500 per person and it was up to over $12,000 per person depending on the locationof the seats from the field. However, about three fourth of all tickets were already distributed to theNFL teams. The other one fourth are distributed to the media, NFL partners and sponsors. As aresult, a small fraction of a total of about 80,000 tickets were sold in the secondary market. Thosetickets were available to buy and sell in the official NFL online sites and other ticket brokers. Giventhe limited supply of tickets available to the NFL fans to purchase, the actual prices are dominatedby the wide fluctuation of demand caused by many factors such as the venue of the game, thewinning teams for the championship match, the packages of tickets offered by the brokers, and theweather forecast right before the game day. The record shows that the actual selling prices can gomany times higher than the above-mentioned range of prices posted in the NFL official online sites.Based on the information above and its relevance to the application of theories of demand andsupply behavior in Economics, choose the correct answer out of the following 4 statements.O The price scheme above is possibly the good price to close the gap between ticketed price and the truemarket price.O The new pricing scheme mentioned above for 2020 would far exceed the true market priceO None of these three statements are correct answers, need more information about the market.O The market price of all tickets in Miami, FL area (the venue of 2020 Super Bowl Game) will be still much higherthan the new pricing scheme announced by the NFL

*Given the official price range from $4500 per person to $12000 per person. *3/4th seats distributed…

Based on the information above and its relevance to the application of theories of demand and supply behavior in Economics, choose the correct answer out of the following 4 statements. O The price scheme above is possibly the good price to close the gap between ticketed price and the true market price. O The new pricing scheme mentioned above for 2020 would far exceed the true market price O None of these three statements are correct answers, need more information about the market. O The market price of all tickets in Miami, FL area (the venue of 2020 Super Bowl Game) will be still much hip than the new pricing scheme announced by the NFL

Based on the information above and its relevance to the application of theories of demand and supply behavior in Economics, choose the correct answer out of the following 4 statements. O The price scheme above is possibly the good price to close the gap between ticketed price and the true market price. O The new pricing scheme mentioned above for 2020 would far exceed the true market price O None of these three statements are correct answers, need more information about the market. O The market price of all tickets in Miami, FL area (the venue of 2020 Super Bowl Game) will be still much hip than the new pricing scheme announced by the NFL

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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When consumer incomes increase and there is technological progress, which of the following describes the expected change in equilibrium price and quantity transacted within the market? a. The quantity exchanged decreases, but the change in price cannot be determined. Ob. The equilibrium price decreases, but the change in quantity exchanged cannot be determined. O c. The equilibrium price increases, but the change in quantity exchanged cannot be determined. O d. The quantity exchanged increases, but the change in price cannot be determined.
The equilibrium quantity of solar panels bought and sold in the market has stayed the same, but the price of solar panels has decreased, what must have been the case? Supply and demand both increased. Supply and demand both decreased. O There was an increase in demand and a decrease in supply. O There was an increase in supply and a decrease in demand.
Which of the following would not cause a change in supply? O a. A decrease in the number of firms in the industry. b. An increase in the price of the good. C. A technological advance. d. All of the other answers will cause supply to change. e. A decrease in wages of labor used in production.
Large leather purses After several movie stars are photographed carrying large leather purses, people go crazy for these items, and the price rises a lot. In the market diagram above, what happens? Select one: O a. Supply goes up in response to the rise in price. O b. There is not enough information to tell. O c. Quantity supplied increases as the price rises. O d. Supply actually decreases since people stop buying these items when the price rises. Check
Which one of the following statements is correct? O A. A fall in the price of a good will result in a rightward shift of the demand curve, ceteris paribus (i.e. the demand for the product will increase). O B. A rise in the price of a good will cause the supply curve of that good to shift to the right (i.e. the supply of the good will increase). O C. A decrease in the prices of the factors of production used to produce a certain product will give rise to an increase in the supply of the product (illustrated by a rightward shift of the supply curve). O D. Demand is a synonym for wants. In other words, if a consumer demands a good it simply means that he or she wants the good.
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nich of the following statements relating to demand and supply is false? The substitution of higher-priced item with lower-priced goods by buyers is a reason why the quantity demanded of a good decreases when price increases. The demand curve of a good represents the value that individual buyers place on that good. Based on the income effect, the real income of buyers increases when the price of a good increases, and hence the quantity demanded of a good increases with price. O The supply curve of a good represents the opportunity costs to produce and sell the good for individual sellers of that good.
An add in the newspaper claims that the price of milk will increase next week. At the same time, a new and improved pasteurization process makes milk production more efficient. Given these two effects, what can we say about the equilibrium price and quantity of milk? O Equilibrium price will decrease; the effect on quantity is ambiguous. O Equilibrium quantity will decrease, equilibrium price will increase. O Equilibrium price will increase; the effect on quantity is ambiguous. O Equilibrium quantity will increase; the effect on price is ambiguous.
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QUESTION 12 Assume that the price of cheese has decreased and the price of garlic bread (a substitute good) has decreased at the same time. How this will affect the market for pizzas? O a. Quantity of pizza would fall, and the effect on price would be ambiguous. O b. Price of pizza would rise, and the effect on quantity would be ambiguous. O. Quantity of pizza would rise, and the effect on price would be ambiguous. O d. Price of pizza would fall, and the effect on quantity would be ambiguous. QUESTION 13 Samuel owns a laundromat business in Queens, New York. He recently purchased 2 new washing machines and 2 new dryers. This will cause O a. the demand for laundromat services to increase. O b. the supply of laundromat services to decrease. O c. the demand for laundromat services to decrease. O d. the supply of laundromat services to increase. QUESTION 16 A likely example of complementary goods for most people would be O a. golf club and baseball bat. O b. tea and coffee. O c. CPA…
people decide to paint their houses What is the appropriate response for the ? O Price of paint brushes decreases Home depot has a sale on paint Demand for paint brushes decreases ?