Suppose you manage a baseball stadium. To pay the salary for a star player, you would like to increase the total revenue from ticket sales. Should you increase or decrease the price of a ticket to increase revenue? Explain
If demand is inelastic, then raise the price to increase total revenue. If demand is elastic, then lower the price to increase total revenue.
Economics
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The gold standard ended with the:
a. rise of Napoleon to power. b. American Declaration of Independence. c. outbreak of World War I. d. first Arab oil embargo. e. presidency of Richard Nixon.
Economics
A home appliances supplier offers substantial discounts to customers if they buy several of the firm's products. When bought together, these items cost considerably less than the sum of the prices of the items if they were bought separately. Which pricing arrangement is being discussed here?
a. Price dealing b. Tacit collusion c. Bundling d. Skimming
Economics