Suppose That the Demand Curve for Seats at a Minor

question 7

Essay

Suppose that the demand curve for seats at a minor league baseball stadium in Trenton, N.J.,, is Q^d  6,000  10p.
a) How many fans would attend if ticket were free?
b) At what price would no fans attend the game?
c) If the building capacity supply) is fixed at 4000, what price would maximize revenue while ensuring a sellout?

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Definitions:

Consumer Psychology

The study of how people's thoughts, beliefs, feelings, and perceptions influence their buying behavior.

Primary Appraisal

The initial evaluation process where an individual assesses the significance of an event as a threat, challenge, or harm.

Secondary Appraisal

The process of evaluating one's ability to cope or manage the consequences of a potentially stressful event after initially assessing its significance.

Lazarus

Refers to the psychologist Richard Lazarus, known for his theory on emotion and stress which emphasizes the importance of cognitive appraisal.