The concert promoters of a heavy-metal band, wer2loud, know that there are two types of concert-goers: die-hard fans and casual fans. for a particular wer2loud concert, there are 1,000 die-hard fans who will pay $150 for a ticket and 500 casual fans who will pay $50 for a ticket. there are 1,500 seats available at the concert venue. suppose the cost of putting on the concert is $50,000, which includes the cost of the band, lighting, security, etc. refer to scenario 15-6. how much profit will the concert promoters earn if they set the price of each ticket at $50?

When selecting stock, some financial experts recommend to look at the opening price go with what you know examine the day’s range, earnings per share, and p/e ratio divide the dividend by the asking price

Aprice ceiling is “binding” if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a “non-binding” price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is “binding” because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale

Brenda wants a new car that will be dependable transportation and look good. she wants to satisfy both functional and psychological needs. true or false