Get Instant Help From 5000+ Experts For

Writing Rewriting Editing

And Improve Your Grades

❮ ❯

Guaranteed Higher Grade!

Free Quote

wave

Economics Questions Analysis

Economics

ECON 5133

Last Updated On: 19-05-2021

Economics Questions Analysis

During a five-year period, the ticket sales of a city’s professional basketball team have increased 30 percent at the same time that average ticket prices have risen by 50 percent. Do these changes imply an upward-sloping demand curve? Explain.
As economic consultant to the dominant firm in a particular market, you have discovered that, at the current price and output, demand for your lient’s product is price inelastic. What advice regarding pricing would you give?
There is an ongoing debate about the roles of quantitative and qualitative inputs in demand estimation and forecasting. Those in the qualitative camp argue that statistical analysis can only go so far. Demand estimates can be further improved by incorporating purely qualitative factors. Quantitative advocates insist that qualitative, intuitive, holistic approaches only serve to introduce errors, biases, and extraneous factors into the estimation task. Suppose the executive for the theater chain is convinced that any number of bits of qualitative information (the identity of the director, the film’s terrific script and rock-music sound track, the Hollywood “buzz” about the film during production, even the easing of his ulcer) influence the film’s ultimate box-office revenue. How might one test which approach—purely qualitative or statistical, provides better demand or revenue estimates? Are there ways to combine the two approaches? Provide concrete suggestions
List examples of goods and services that you would expect to have very elastic demand. List examples of goods and services that you would expect to have very inelastic demand. Compare these lists and identify the characteristics that determine elasticity.
Explain the difference between statistical significance and economic significance. Give an example from the chapter where a variable is statistically significant but is not economically significant.

Get instant help from 5000+ experts for

Writing Rewriting Editing

Subject/course code

❮ ❯

Pages

250 words

Description (write/attach)

Attach file

I accept the T&C, agree to receive offers & updates

Get help with different subjects

Civil Engineering

History

Featured Post

Psychology Degrees in Singapore: Your Guide to a Bright Future

With the growing focus on mental health concerns and the increase in mental healthcare, psychology

Understanding the SUSS Grading System in Singapore: A Comprehensive Guide

One of Singapore’s leading autonomous educational institutions, the Singapore University of Socia

GPA Grading System in Singapore: A Complete Guide for Students

The Grade Point Average (GPA) system plays a critical role in the academic evaluation of students a

Understanding the SMU Grading System: A Comprehensive Guide for Students

Singapore Management University (SMU) is a premier university situated in the heart of Singapore, a

Free Academic Tools

Referencing Generator

Document Proofreading

Plagiarism Checker

Equation Solver

Know More