In 2019, a ski resort increased the prices it charged for one-day ski passes and season passes. If someone buys a season pass, he can ski as many days as he wishes. The table below provides information on the prices and the number of passes sold in 2018 and 2019. Type of Pass One day Season Price in 2018 52000 $60 $1,200 Number of Passes Sold in 2018 5,000 250 Price in 2019 $80 $1,400 Given the information in the table, we know that the revenue earned from selling day passes changed by $ , and the revenue earned from selling season passes changed by $ x 34000 Number of Passes Sold in 2019 From the answers to Part 1, we know that the demand for day passes is elastic demand for season passes is inelastic and the 3,100 190

In 2019, a ski resort increased the prices it charged for one-day ski passes and season passes. If someone buys a season pass, he can ski as many days as he wishes. The table below provides information on the prices and the number of passes sold in 2018 and 2019. Type of Pass One day Season Price in 2018 52000 $60 $1,200 Number of Passes Sold in 2018 5,000 250 Price in 2019 $80 $1,400 Given the information in the table, we know that the revenue earned from selling day passes changed by $ , and the revenue earned from selling season passes changed by $ x 34000 Number of Passes Sold in 2019 From the answers to Part 1, we know that the demand for day passes is elastic demand for season passes is inelastic and the 3,100 190

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

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In 2019, a ski resort increased the prices it charged for one-day ski passes and season passes. If
someone buys a season pass, he can ski as many days as he wishes. The table below provides
information on the prices and the number of passes sold in 2018 and 2019.
Type of Pass
One day
Season
Price in 2018
x 34000
$60
$1,200
Number of Passes
Sold in 2018
5,000
250
Price in 2019
$80
$1,400
Given the information in the table, we know that the revenue earned from selling day passes
changed by $ 52000
, and the revenue earned from selling season passes changed by $
Number of Passes
Sold in 2019
3,100
190
From the answers to Part 1, we know that the demand for day passes is elastic
demand for season passes is inelastic
and the

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