Krugman's Economics For The Ap® Course
3rd Edition
ISBN: 9781319113278
Author: David Anderson, Margaret Ray
Publisher: Worth Publishers
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Chapter 1A, Problem 3CTQ
To determine
The question requires us to analyze the influence of predictable heavy snow on the ticket quantity sold for the ballet and also determine the assumptions and other changes that could influence ticket sales.
Expert Solution & Answer
Explanation of Solution
Heavy snow will interrupt the transportation and communication of people. So, people will avoid going outside of their homes for seeing the ballet. Thus,
Therefore, economists will predict lesser sales of tickets due to the heavy snow.
The other changes that could influence ticket sales are:
- Change in the price of relative shows or ballets.
- Change in taste and preferences.
- Change in the number of audiences, and
- Change in income level of the audiences.
The following assumptions should be made:
- Audiences have full information about the market and prices
- Market is competitive
- Nutcracker ballet is a normal good.
Chapter 1A Solutions
Krugman's Economics For The Ap® Course
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