Suppose That 20,000 Fans Will Go to a Ball Game

question 30

Multiple Choice

Suppose that 20,000 fans will go to a ball game when the price of a ticket is $5.00, and that 500 fewer fans will go for each $1.00 increase in ticket price. By how much should ticket prices be increased (or decreased) in order to maximize revenue?

• A) increase price by $17.50
• B) increase price by $45.00
• C) increase price by $22.50
• D) decrease price by $1.00

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Definitions:

The Bell Curve

A book by Herrnstein and Murray suggesting that human intelligence is substantially influenced by both inherited and environmental factors and is a better predictor of many personal dynamics, including financial income, job performance, birth out of wedlock, and involvement in crime.

Public Debate

A discussion conducted openly in the public sphere, where individuals or groups present differing viewpoints on specific issues.

Accessibility

denotes the ease with which people, including those with disabilities, can access and use facilities, services, or information.

Sociologically Constructed

Refers to the idea that social realities or concepts are created through collective human agreement and interactions, rather than being inherently natural.