Question

3. The New York Yankees and the Boston Red Sox are in the American League Championship...

3. The New York Yankees and the Boston Red Sox are in the American League Championship Series. Do you expect the demand for tickets to these games in NY and Boston to be more or less price elastic than the demand for tickets in the rest of the country? Explain in words and graphically.

Business   Economics   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The demands would be inelastic.Since,the two teams are in the championship,the people of the respective cities would be very much willing to watch the game to support their teams.The game is happening in their cities so they would be willing to pay even higher prices for the tickets.Watching the game is kind of necessity for the people of Boston and New York.

The people of the other cities would not be willing to watch the match a lot because their teams are not in the championship.They would only watch if the price of the ticket is very low.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
The New York Yankees baseball team wishes to determine the equilibrium price for seats. The supply...
The New York Yankees baseball team wishes to determine the equilibrium price for seats. The supply of seats at the ballpark is fixed at 40,000. Price Quantity demanded in year 1 Quantity supplied $100 50,000 40,000 $110 45,000 40,000 $120 40,000 40,000 $130 35,000 40,000 $140 30,000 40,000 Calculate the price elasticity of supply. Calculate the price elasticity of demand when price increases from $120 to $130. Is the demand price elastic? Explain. Determine the equilibrium price and equilibrium quantity....
DISCUSSION POST: Read Babe Ruth and Comparative Advantage [PDF] and post to the Chapter 3 Discussion...
DISCUSSION POST: Read Babe Ruth and Comparative Advantage [PDF] and post to the Chapter 3 Discussion about this material. Then pick another person who excelled in more than one activity. Clease try to avoid picking those who fit neatly into this category. The most obvious are sports figures like Bo Jackson and Deion Sanders who played two sports at the highest level (and also Michael Jordan who also tried this, with little success in his second sport). Avoid these people...
Tax An article by Paul Krugman published in the New York Times on March 15th, 2000...
Tax An article by Paul Krugman published in the New York Times on March 15th, 2000 argued against George W. Bush’s reduction in gasoline taxes as a method for offsetting the spike in gasoline prices at the time (article attached). Analyze the article from what you have learned in class. What may a reduction in gasoline prices affect the demand for gasoline; and consequently affect the price? How elastic is the short-run Supply Curve and the Demand Curve? Who reaps...
Here is the data Stat7_prob2.txt : "Team","WINS","HR","BA","ERA" "Anaheim Angels",99,152,.282,3.69 "Baltimore Orioles",67,165,.246,4.46 "Boston Red Sox",93,177,.277,3.75 "Chicago White...
Here is the data Stat7_prob2.txt : "Team","WINS","HR","BA","ERA" "Anaheim Angels",99,152,.282,3.69 "Baltimore Orioles",67,165,.246,4.46 "Boston Red Sox",93,177,.277,3.75 "Chicago White Sox",81,217,.268,4.53 "Cleveland Indians",74,192,.249,4.91 "Detroit Tigers",55,124,.248,4.93 "Kansas City Royals",62,140,.256,5.21 "Minnesota Twins",94,167,.272,4.12 "New York Yankees",103,223,.275,3.87 "Oakland Athletics",103,205,.261,3.68 "Seattle Mariners",93,152,.275,4.07 "Tampa Bay Devil Rays",55,133,.253,5.29 "Texas Rangers",72,230,.269,5.15 "Toronto Blue Jays",78,187,.261,4.8 "Arizona Diamondbacks",98,165,.267,3.92 "Atlanta Braves",101,164,.26,3.13 "Chicago Cubs",67,200,.246,4.29 "Cincinnati Reds",78,169,.253,4.27 "Colorado Rockies",73,152,.274,5.2 "Florida Marlins",79,146,.261,4.36 "Houston Astros",84,167,.262,4 "Los Angeles Dodgers",92,155,.264,3.69 "Milwaukee Brewers",56,139,.253,4.73 "Montreal Expos",83,162,.261,3.97 "New York Mets",75,160,.256,3.89 "Philadelphia Phillies",80,165,.259,4.17 "Pittsburgh Pirates",72,142,.244,4.23 "St. Louis Cardinales",97,175,.268,3.7 "San Diego Padres",66,136,.253,4.62 "San Francisco Giants",95,198,.267,3.54 Here...
3. Monsanto developed a new herbicide and has a patent on it. This herbicide becomes very...
3. Monsanto developed a new herbicide and has a patent on it. This herbicide becomes very popular among farmers and is largely used in the whole country. After some years the patent expires and lower-cost generic brands with exactly the same effectiveness of Monsanto's herbicide become available in the market. Explain and show graphically what happens to quantity supplied by an individual producer as he/she has access to cheaper herbicide (make sure to use both marginal and average cost curves)....
The market price for a New York City taxi medallion is less today than it was...
The market price for a New York City taxi medallion is less today than it was in 2013. This is because Question options: the city instituted price caps as part of an effort to regulate the monopoly. New Yorkers have turned to walking and bicycling as ways to get around. ridesharing services like Uber have made the medallions less valuable. the city greatly increased the number of medallions by selling new ones. passenger-on-driver crime has made taxi driving a less...
Read and comment: $2500: “A Fair Price for Hamilton” NY Times, 23 October 2016 Gregory Mankiw...
Read and comment: $2500: “A Fair Price for Hamilton” NY Times, 23 October 2016 Gregory Mankiw Consumers of goods and services do not typically wish that producers charged higher prices. But that was exactly my desire on a recent trip to New York City. The story begins with a basic mismatch: I am a big fan of theater, and I live just outside Boston. While Boston is a good city for the arts, it is not the mecca that New...
1.) True or False? For all societies, resources are scarce, and technology is limited, while people’s...
1.) True or False? For all societies, resources are scarce, and technology is limited, while people’s wants and needs for goods and services seem to be unlimited. (2 points) 2.) (1 point) Adam Smith’s “invisible hand” refers to a.) the subtle and often hidden methods that businesses use to profit at consumers’ expense. b.) the ability of free markets to reach desirable outcomes, despite the self-interest of market participants. c.) the ability of government regulations to benefit consumers, even if...
2. A demand curve indicate a. the maximum willingness to pay for a given quantity b.the...
2. A demand curve indicate a. the maximum willingness to pay for a given quantity b.the consumer's gain from exchange c.the market price of a good or service d. the equilibrum quantity 3. trade permitts countries to a. consume more than they capable of producing b.produce based on their comparative advantage c.specialize more fully d.all of above 4. which of the following dose not impact how elastic supply is? a. whether the supply is local or global b.the share of...
Read the NY Fed's section and write a memo summarizing the details of the report. Summary...
Read the NY Fed's section and write a memo summarizing the details of the report. Summary of Economic Activity Economic activity in the Second District continued to grow at a moderate pace in the latest reporting period, and the labor market has remained tight. Input prices increased at a slightly faster pace, while selling prices continued to rise modestly. Fairly robust growth was reported in most service and distribution industries. Manufacturers reported that growth has slowed somewhat from its rapid...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT