Questions: True/False: 6) If the new SLU Ice Hockey coach increases the popularity of SLU men's Ice Hockey among fans in NY, it is likely that the price elasticity of demand for tickets to SLU games will become less elastic. 7) The demand for Starbuck's coffee will be more elastic than the demand for coffee in general. 8) The two graphs below represent labor supply curves. One shows the supply of heart surgeons and one shows the supply of fast food workers. It is most likely that supply curve "A" represents the heart surgeons.

True/False: 6) If the new SLU Ice Hockey coach increases the popularity of SLU men's Ice Hockey among fans in NY, it is likely that the price elasticity of demand for tickets to SLU games will become less elastic. 7) The demand for Starbuck's coffee will be more elastic than the demand for coffee in general. 8) The two graphs below represent labor supply curves. One shows the supply of heart surgeons and one shows the supply of fast food workers. It is most likely that supply curve "A" represents the heart surgeons.
Transcript text: True/False: 6) If the new SLU Ice Hockey coach increases the popularity of SLU men's Ice Hockey among fans in NY, it is likely that the price elasticity of demand for tickets to SLU games will become less elastic. $\qquad$ 7) The demand for Starbuck's coffee will be more elastic than the demand for coffee in general. $\qquad$ 8) The two graphs below represent labor supply curves. One shows the supply of heart surgeons and one shows the supply of fast food workers. It is most likely that supply curve " $A$ " represents the heart surgeons. W w \[ / \mathrm{s}_{\mathrm{B}} \]
failed

Solution

failed
failed

Solution Steps

Step 1: Analyze the effect of increased popularity on price elasticity of demand
  • Statement: If the new SLU Ice Hockey coach increases the popularity of SLU men's Ice Hockey among fans in NY, it is likely that the price elasticity of demand for tickets to SLU games will become less elastic.
  • Analysis: When a product becomes more popular, consumers are less sensitive to price changes because they value the product more. Therefore, the demand becomes less elastic.
  • Conclusion: True
Step 2: Compare elasticity of demand for Starbucks coffee vs. general coffee
  • Statement: The demand for Starbucks coffee will be more elastic than the demand for coffee in general.
  • Analysis: Starbucks coffee is a specific brand, and consumers can switch to other brands if the price of Starbucks coffee increases. Therefore, the demand for Starbucks coffee is more elastic compared to the general demand for coffee.
  • Conclusion: True
Step 3: Identify the labor supply curve for heart surgeons
  • Statement: The two graphs below represent labor supply curves. One shows the supply of heart surgeons and one shows the supply of fast food workers. It is most likely that supply curve "A" represents the heart surgeons.
  • Analysis: The supply curve for heart surgeons is likely to be more inelastic because it requires specialized skills and training, making it harder to increase the supply quickly. Supply curve "A" is more inelastic (steeper) compared to supply curve "B".
  • Conclusion: True

Final Answer

  1. True
  2. True
  3. True
Was this solution helpful?
failed
Unhelpful
failed
Helpful

Questions asked by other users

failedAnswered
Find the limit of the function (if it exists). (If an answer does not exist, enter DNE.) lim (x -> 4) (x^3 - 64) / (x - 4) Write a simpler function that agrees with the given function at all but one point. Use a graphing utility to confirm your result. g(x) = x^2 + 4x + 16
failedAnswered
There is no perfect model to help frame behavior change processes. However, our book talks about the Transtheoretical Model in which it outlines several relatively easy-to-understand concepts that can help you learn about the complexities that make behavior change hard. Match the stage with the best definition. Precontemplation [Choose ] Contemplation [Choose] Preparation [Choose] Action [Choose] Maintenance [ Choose]
failedAnswered
Question 4 ( 0.5 points) The thin, light-sensitive membrane that lies at the back of the eye and contains the photoreceptor cells is the: 1) fovea. 2) optic disk. 3) retina. 4) optic nerve.
failedAnswered
Use the approximate half-life formula for the case described below. Discuss whether the formula is valid for the case described. The production of a gold mine decreases by 5% per year. What is the approximate half-life for the production decline? Based on this approximate half-life and assuming that the mine's current annual production is 5000 kilograms, about what will its production be in 9 years? The half-life for the production decline is 14 years. (Type an integer or a decimal.) The production will be kilogram(s) in 9 years. (Round to the nearest whole number as needed.)
failedAnswered
Write the following in simplified radical form. √4(w^11) Assume that the variable represents a positive real number.