Determine own-price elasticity of demand for movie tickets, Microeconomics

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Determine own-price elasticity of demand for movie tickets

The management of Local Cinema has estimated the monthly demand for tickets to be log Q = 22,328 - .41 log P + 0.5 log M - .33 log A + log Pvcr, where Q = quantity of tickets demanded, P = price per ticket, M = income, A = advertising outlay, and Pvcr = price of a VCR tape rental. It is known that P = $5.50, M = $9,000, A = $900, and Pvcr = $3.00. Determine the own-price elasticity of demand for movie tickets.

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Microeconomics: Determine own-price elasticity of demand for movie tickets

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Microeconomics: Determine own-price elasticity of demand for movie tickets

Reference No:- TGS072546

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Recent Questions Asked Microeconomics

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Request for Solution File

Ask an Expert for Answer!!

Microeconomics: Determine own-price elasticity of demand for movie tickets

Reference No:- TGS072546

Recent Questions Asked Microeconomics

Q : Physician responsibilities

Q : Determine opportunity cost of a cup of coffee

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Q : What is the cash payback period on the equipment

Q : Determine own-price elasticity of demand for movie tickets

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Q : Restore the account and record the cash collection

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Q : Define operations management

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