1.A minor league baseball team raised the average price of its tickets from? $8 to ?$8.50and found that average attendance at its games dropped from? 5,200 to4,800. Using the arc elasticity of demand? formula, the price elasticity of demand for tickets is??(Express your answer as a real number rounded to two decimal places. ?Don't forget the negative? sign.)
2. At the time this book went to? print, the minimum wage was? $7.25. To find the current value of the? CPI, go tohttp://www.bls.gov/cpi/home.htm. Click on CPI tables and choose the first? link, titled? "Table Containing History of? CPI-U U.S. All Items Indexes and Annual Percent Changes From 1913 to? Present." This will give you the CPI from 1913 to present.
All required CPI values are given in the problem statement below.
With these? values, calculate the current real minimum wage in 2005dollars. Let the current period be January 2012.Given the CPI in the current period is 226.665 and the CPI in 2005was 195.3?, the current real minimum wage in 2005dollars is?(Enter your response rounded to two decimal? places.)
3. The average price of milk per gallon was $2.46 in 1995 and $3.29in 2010. The consumer price index was 152.4 in 1995 and 218.1 in 2010. ? Therefore, the real price of milk in 2010 expressed in 1995 dollars was?(Enter your answer rounded to two decimal? places.)