Indicate the answer choice that best completes the statement or answers the question.1. (Figure: Demand for jazz shows) The graph shows Jayden's monthly demand curve for live music at a small,local venue.Price pershow ($)$20$18$16$14$12$10$8$6$4$2$0Demand0 1 2 3 4 5 6 7 8 9 10 11 12 13 14Quantity of showsIf Jayden currently attends six shows per month, what is probably TRUE?a. The price of a concert ticket is between $9 and $12.b. Jayden does not have enough income to go to more than six shows per month.c. Each concert provides Jayden with the same marginal benefit.d. If the price rose to $18, Jayden would not attend any concerts.Page 1

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ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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(Figure: The Demand for Winter Gloves) Use Figure: The Demand for Winter Gloves. Total revenue is maximized if the price is: Price of gloves $60 50 40 30 20 10 100 200 300 400 500 600 Quantity (per day) $30. $40. $50. $60. O O
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img' (a If po increases, what happens to the demand and supply of public transportation (shifts left/shifts right/doesn’t change) What happens to the equilibrium quantity and price for public transportation? (increase/decrease) (b)At a given price p, as oil becomes more expensive (po increases), does the (own) price elasticity of demand for public transportation increase / decrease / stay the same? (c) Calculate the cross-price elasticity of public transportation demand with respect to the oil price po, at the point p = 1 and po = 2. Are the two goods (public transportation and oil) substitutes or complements, or unrelated?
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Price (P) B $50 $30 Demand 800 1,200 Quantity (Q) In the figure above, when the price increases from point A to point B, the quantity effect on Total Revenue (the revenue loss from losing buyers who had been buying a lower price) is: Select one: а. — $16,000 b. - $4,000 c. - $12,000 d. - $10,000 Next page
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