![\"image](\"https:\/\/s3.amazonaws.com\/si.experts.images\/answers\/2024\/06\/66755ecce88f8_01266755eccb8fff.jpg\")
<\/div><\/div><\/div> GI '31 Quiz+|Quiz1: X '31 Quiz+|Quiz1: X 6 httpszllmylmsf X Homework Hel X e G i mylmsft.institution.africa Q; a] @ Question 2 Study the scenario and complete the question(s) that follow: Refer to the data in the table below that shows the number of rugby matches that Ben, a rugby fan, will attend given various ticket prices and levels of income and answer the questions below. Ticket Price Number of Matches Income Level Number of Matches Attended Attended \"m\\\" Source: Besler, N. 2015. 2.1 Calculate Ben's price elasticity of demand for rugby matches as the ticket price of a rugby match increases from R320 to R400, using the average arc elasticity formula. Show all formulas and calculations used. Interpret this value. (5 Marks) 2.2 Calculate Ben's income elasticity of demand as his income increases from R12 000 to R18 000, if the price of a match is set at R320, using the average arc elasticity formula. Show all formulas and calculations used. Interpret the value",
"transcribed_text": "",
"related_book": {
"title": "Financial Accounting in an Economic Context",
"isbn": "9781118139424, 9781118139431, 470635290, 1118139429, 1118139437, 978-0470635292",
"edition": "8th Edition",
"authors": "Jamie Pratt",
"cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/61.jpg",
"uri": "\/textbooks\/financial-accounting-in-an-economic-context-8th-edition-61",
"see_more_uri": ""
},
"free_related_book": {
"isbn": "6205527774",
"uri": "\/textbooks\/a-framework-for-measuring-sustainability-in-healthcare-systems-the-impact-of-lean-green-and-knowledge-sharing-on-organization-sustainability-in-healthcare-in-uae-1st-edition-978-6205527771-218299",
"name": "A Framework For Measuring Sustainability In Healthcare Systems The Impact Of Lean Green And Knowledge Sharing On Organization Sustainability In Healthcare In Uae",
"edition": "1st Edition"
},
"question_posted": "2024-06-21 07:06:53",
"see_more_questions_link": "\/study-help\/questions\/business-marketing-2022-June-08",
"step_by_step_answer": "The Answer is in the image, click to view ...",
"students_also_viewed": [
{
"url": "\/in-problem-1029-ovi-consider-that-the-compressor-and-turbine",
"description": "In problem 10-2-9 [OVI] consider that the compressor and turbine each has an isentropic efficiency of 85%. Determine for the modified cycle, (a) The mass flow rate of air, in lb\/s and (b) The...",
"stars": 3
},
{
"url": "\/study-help\/statistics-for-engineers-and-scientists\/a-shipment-of-fibers-is-not-acceptable-if-the-mean-1268658",
"description": "A shipment of fibers is not acceptable if the mean breaking strength of the fibers is less than \\(50 \\mathrm{~N}\\). A large sample of fibers from this shipment was tested, and a \\(98 \\%\\) lower...",
"stars": 3
},
{
"url": "\/study-help\/psychology\/does-the-technology-have-live-human-support-and-is-that-1983145",
"description": "Does the technology have live human support, and is that support monitored for quality?",
"stars": 3
},
{
"url": "\/ottawa-university-sold-15000-season-football-tickets-at-80-each",
"description": "Ottawa University sold 15,000 season football tickets at $80 each for its six-game home schedule. What entries should be made? (a) When the tickets were sold, (b) After each game?",
"stars": 3
},
{
"url": "\/study-help\/questions\/posluszny-inc-has-gathered-the-following-budgeting-information-for-next-9794803",
"description": "Posluszny Inc. has gathered the following budgeting information for next year and has asked you to prepare their master budget. a. Sales for the final quarter of the prior year total 1,600 units....",
"stars": 3
},
{
"url": "\/study-help\/questions\/creative-people-value-self-direction-but-also-have-a-8685352",
"description": "Creative people value self - direction, but also have a strong need to follow rules. ) A ) TrueB ) False",
"stars": 3
},
{
"url": "\/study-help\/questions\/q-a-if-the-deflection-of-the-cantilever-member-shown-1024284",
"description": "Q. A. If the deflection of the cantilever member shown in Figure E at x = 4.5 ft must be limited to 1.336\", find the diameter of the member required. Assume na 1.25. E = 30 Mpsi. Q' 3 kip\/st",
"stars": 3
},
{
"url": "\/study-help\/questions\/suppose-a-survey-conducted-in-2012-asked-a-group-of-1000875",
"description": "Suppose a survey conducted in 2012 asked a group of adults from a certain country whether they drink seltzer water. Of the 3,065 people who responded, 23.1% said they drink seltzer water. Complete...",
"stars": 3
},
{
"url": "\/study-help\/questions\/your-certified-industrial-hygienist-cih-has-found-that-a-part-999702",
"description": "Your certified industrial hygienist (CIH) has found that a part of your workforce is being exposed to chromium (VI), and you have begun testing these employees at the end of the work shift on...",
"stars": 3
},
{
"url": "\/study-help\/questions\/task-3-determine-the-veritcal-stress-increase-at-point-a-1024165",
"description": "TASK #3 Determine the veritcal stress increase at point A. Line load 110 kN\/m Line load 440 kN\/m. 6 m -3 m A 4 m",
"stars": 3
},
{
"url": "\/study-help\/questions\/2-due-to-a-weak-connection-there-is-a-break-3673909",
"description": "2. Due to a weak connection, there is a break in the circuit (shown below) between points a and b. If R1 = 5.23 0, R2 = 2.29 0, and R3 = 16.2 0, and the two batteries &1 and &2 have voltages of 22.0...",
"stars": 3
},
{
"url": "\/study-help\/questions\/newwheels-sales-have-been-dipping-steadily-in-the-past-year-3235110",
"description": "New-Wheels sales have been dipping steadily in the past year and due to the critical customer feedback and ratings online, there is a drop in new customers every quarter, which is concerning. The...",
"stars": 3
}
],
"next_back_navigation": {
"previous": "\/study-help\/questions\/which-of-the-following-are-included-in-this-years-gdp-3412437",
"next": "\/study-help\/questions\/briefly-describe-23-significant-political-andor-economic-events-that-have-3412439"
},
"breadcrumbs": [
{
"name": "Study help",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers"
},
{
"name": "Business",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business"
},
{
"name": "Economics",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-economics"
},
{
"name": "may you please assist with the 2.1 and 2.2 GI '31 Quiz+|Quiz1:",
"link": "https:\/\/www.solutioninn.com\/study-help\/questions\/may-you-please-assist-with-the-21-and-22-gi-3412438"
}
],
"skill_details": {
"skill_id": "12",
"skill_name": "Economics",
"parent_id": "1"
}
} "1"
}
}
![\"image](\"https:\/\/s3.amazonaws.com\/si.experts.images\/answers\/2024\/06\/66755ecc541e2_01266755ecc30669.jpg\")