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I am completely lost with what formulas to use Dataset FCI Year Avg. Attend Avg Ticket $18.69 1991 20,267 $164.81 1992 17,580 $158.89 $18.02 1993

I am completely lost with what formulas to use
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Dataset FCI Year Avg. Attend Avg Ticket $18.69 1991 20,267 $164.81 1992 17,580 $158.89 $18.02 1993 24,339 $171.50 $19.45 1994 14,627 $187.58 $21.28 1995 14,580 $170.04 $19.29 1996 14.427 $187.47 $21.26 1997 16,854 $181.01 $20.53 1998 17.400 $168.36 $19.10 1999 25,018 $174.94 $19.84 2000 31,281 $258.06 $29.27 2001 23,720 $244.13 $27.69 2002 18,560 $240.24 $27.25 2003 16,892 $229.99 $26.09 2004 23,667 $212.87 $24.14 2005 24.993 $217.40 $24.66 2006 32,049 $217.28 $24.64 2007 37,619 $216.23 $25.21 2008 39,539 $237.42 $31.57 2009 31,694 $256.83 $34.30 2010 30,386 $213.13 $28.94 2011 32.618 $247.71 $35.04 2012 37,383 $273.36 $36.29 $239.33 $3042 2013 38,067 2014 36,015 $249.67 $32.04 $241.60 $32.90 2015 33,655 2016 2017 30,788 $240.25 $32.34 28,661 $228.14 $31.27 D 2018 22,925.56 $215.80 $30.13 2019 18.536.17 $223.13 $29.76 2 2021 13,612.00 $215.04 $28.26 3 4 FCI and average ticket prices were adjusted to 2021 dollars 5 Example, the ticket price in 1991 was $9.47. however that equates to $18.69 in today's dollars. 6 Detroit Tigers Regression slopes Average Ticket 995.17 Fan Cost Index 167.06 Fan Cost Index (last 10 yrs) 317.17 Calculate elasticity of demand using average ticket price data Calculate elasticity of demand using average fan cost index data Calculate elasticity of demand using FCI for years 2010-2021 Calculate the following Year Pe Pt 1991 2001 2011 2021 Look at the year 2000 and the data you calculated for 2001. What could have happened? From 1991 to 2021. average ticket prices (in 2021 dollars) increased 51%. What could cause this? N 0 R All Years Average Ticket Price adj for inflation SUMMARY OUTPUT Regression Statistics Multiple R 0.665768875 R Square 0.443248195 t Stat 4.721409685 P-value 5.93943E-05 Coefficients Intercept -935.5082743 Avg.Ticket 995.1651198 All Years FCI adj for inflation SUMMARY OUTPUT Regression Statistics Multiple R 0.649381432 R Square 0.421696245 t Stat 4.51856856 P-value 0.000103297 Intercept -10505.91524 FCI 167.0620832 SUMMARY OUTPUT Last 2010-2021 FCI adj for inflation Regression Statistics Multiple R 0.737403189 R Square 0.543763463 Observations 11 t Stat 3.275150303 P-value 0.00960337 Intercept -45265.80074 FCI 317.170462 Coefficients Coefficients S T U Dataset FCI Year Avg. Attend Avg Ticket $18.69 1991 20,267 $164.81 1992 17,580 $158.89 $18.02 1993 24,339 $171.50 $19.45 1994 14,627 $187.58 $21.28 1995 14,580 $170.04 $19.29 1996 14.427 $187.47 $21.26 1997 16,854 $181.01 $20.53 1998 17.400 $168.36 $19.10 1999 25,018 $174.94 $19.84 2000 31,281 $258.06 $29.27 2001 23,720 $244.13 $27.69 2002 18,560 $240.24 $27.25 2003 16,892 $229.99 $26.09 2004 23,667 $212.87 $24.14 2005 24.993 $217.40 $24.66 2006 32,049 $217.28 $24.64 2007 37,619 $216.23 $25.21 2008 39,539 $237.42 $31.57 2009 31,694 $256.83 $34.30 2010 30,386 $213.13 $28.94 2011 32.618 $247.71 $35.04 2012 37,383 $273.36 $36.29 $239.33 $3042 2013 38,067 2014 36,015 $249.67 $32.04 $241.60 $32.90 2015 33,655 2016 2017 30,788 $240.25 $32.34 28,661 $228.14 $31.27 D 2018 22,925.56 $215.80 $30.13 2019 18.536.17 $223.13 $29.76 2 2021 13,612.00 $215.04 $28.26 3 4 FCI and average ticket prices were adjusted to 2021 dollars 5 Example, the ticket price in 1991 was $9.47. however that equates to $18.69 in today's dollars. 6 Detroit Tigers Regression slopes Average Ticket 995.17 Fan Cost Index 167.06 Fan Cost Index (last 10 yrs) 317.17 Calculate elasticity of demand using average ticket price data Calculate elasticity of demand using average fan cost index data Calculate elasticity of demand using FCI for years 2010-2021 Calculate the following Year Pe Pt 1991 2001 2011 2021 Look at the year 2000 and the data you calculated for 2001. What could have happened? From 1991 to 2021. average ticket prices (in 2021 dollars) increased 51%. What could cause this? N 0 R All Years Average Ticket Price adj for inflation SUMMARY OUTPUT Regression Statistics Multiple R 0.665768875 R Square 0.443248195 t Stat 4.721409685 P-value 5.93943E-05 Coefficients Intercept -935.5082743 Avg.Ticket 995.1651198 All Years FCI adj for inflation SUMMARY OUTPUT Regression Statistics Multiple R 0.649381432 R Square 0.421696245 t Stat 4.51856856 P-value 0.000103297 Intercept -10505.91524 FCI 167.0620832 SUMMARY OUTPUT Last 2010-2021 FCI adj for inflation Regression Statistics Multiple R 0.737403189 R Square 0.543763463 Observations 11 t Stat 3.275150303 P-value 0.00960337 Intercept -45265.80074 FCI 317.170462 Coefficients Coefficients S T U

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