1. Imagine you purchased a ticket to attend a baseball game. With respect to the decision...
1. Imagine you purchased a ticket to attend a baseball game. With respect to the decision to attend the game (after the ticket has been purchased), what are the benefits and costs? What cost(s) should be ignored in making such a decision?
2. If demand is inelastic, what can a team do to increase profits? Why?
Homework Answers
1. Benefits of attending the game will be the joy you get if you like it and cost is the time devoted to game which could be used for something else you like. The price of ticket should be ignored because it is a sunk, already spent and cannot be refunded.
2. If demand is inelastic team can increase prices to increase in profit. When demand is inelastic, increase in price will not reduce quantity demanded by much which leads to increase in total revenue.
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