The circus sold 1,000 tickets. Adult tickets cost $8.25, children's tickets cost $4.75, and a total of $6,048.50 was collected.
2 answers:
Answer:
The number of adult tickets is 371.
The number of children's tickets is 629
Explanation:
Let A be the number of adult tickets sold and C be the number of children's tickets sold. The following linear system can be modeled based on the information provided:
Solving the linear system:
The number of adult tickets is 371.
The number of children's tickets is 629.
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Answer:
a. Decrease
b. Decline
c. Exit
d. No change
Explanation:
The market for gourmet chocolate is in the long-run equilibrium, and an economic downturn has caused the consumer disposable income to fall. Chocolate is a normal good, and the chocolate producers have identical cost structures.
a. This decline in the consumer income will reduce the purchasing power of the consumers. As a result, the demand will decrease. The demand curve will move to the left.
b. This leftward shift in the demand curve will cause the price to decline, As the price falls, the profits earned by the producers will decline as well.
c. In the long run, the firms operate at zero economic profits. So a decline in profits imply that the firms are operating at an economic loss. This will cause the loss incurring firms to exit the market.
d. The long run supply curve will remain the same. It is not affected by change in profits, it changes only with change in the state of technology or availability of resources.
