Answer
a. The slope illustrates how quickly attendance increases as prices drop. The vertical intercept shows the price at which price no people will attend. The horizontal intercept shows how many people will attend if the tickets were free.
b. If the slope were steeper more people would not attend for every decrease in price, thus ticket sales will respond more to a decrease in price.
c. If the intercept increased, people are willing to pay more for a ticket. Ticket sales respond the same to change in price.
Work Step by Step
a. The slope illustrates how quickly attendance increases as prices drop. The vertical intercept shows the price at which price no people will attend. The horizontal intercept shows how many people will attend if the tickets were free.
b. If the slope were steeper more people would not attend for every decrease in price, thus ticket sales will respond more to a decrease in price.
c. If the intercept increased, people are willing to pay more for a ticket. Ticket sales respond the same to change in price.
