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.

Solution Steps

• 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

• 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

• 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