1 Define The Elements Of The Following Equation P A0 A1 Qd 2 Given P 150 0 005 Qd 3315042

1. Define the elements of the following equation: P = a0 ? a1 × Qd. 2. Given P = $150 ? 0.005 × Qd as the demand for a professional sports team: a. If P = $60, what is Qd? b. If P = $40, what is Qd? 3. Imagine these two possible changes from the demand curve listed in Question 2: a. P = $175 ? 0.005 × Qd b. P = $125 ? 0.005 × Qd For each, identify whether Question 3(a) or 3(b) would be consistent with the following stated changes: iii.increase in the size of the market where the team plays iv.decrease in the per-capita income in the market where the team plays v.move to a newer stadium vi.decline in the quality of players employed by the team

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