Assignment Prompt & Instructions
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1.
Movie theaters are considering raising ticket prices. But they're worried that higher prices might lead to fewer people attending movies.
**Using the concepts covered in the week, discuss the following:**
1. **Price Elasticity of Demand:** What is price elasticity of demand, and how can it help movie theaters predict how ticket sales (quantity demanded) will change with a price increase?
2. **Impact on Revenue:**Considering price elasticity, explain how a price increase might affect total revenue (price x quantity demanded) for movie theaters.
– In what scenario might a price increase actually lead to higher total revenue?
3. **Factors Affecting Elasticity:**What factors might influence the price elasticity of demand for movie tickets?
– How does the availability of substitutes (e.g., streaming services) affect elasticity?
4. **Beyond Price:** Briefly explain income elasticity of demand and cross-price elasticity of demand. How could these concepts also be relevant to movie theater pricing decisions?
**Explanation:**
This question centers on price elasticity of demand and its role in business decisions:
– **Price Elasticity of Demand:**This measures the responsiveness of quantity demanded to a change in price. It's calculated as the percentage change in quantity demanded divided by the percentage change in price.
– If elastic (elasticity > 1), a small price increase can lead to a significant decrease in quantity demanded, potentially reducing total revenue.
– If inelastic (elasticity < 1), even a large price increase might not significantly reduce attendance, potentially increasing total revenue.
– **Impact on Revenue:** A price increase can have an opposing effect on the two components of total revenue (price and quantity demanded). In an elastic market, the decrease in quantity demanded might outweigh the price increase, leading to lower total revenue.
– **Factors Affecting Elasticity:**The availability of close substitutes, necessity of the good, and consumer income levels all influence price elasticity.
– With readily available streaming services, movie ticket demand might be more elastic.
– **Beyond Price:** Income elasticity measures how demand changes with income levels. Cross-price elasticity measures how demand for one good changes with the price of another good (e.g., how might ticket demand change if the price of streaming services increases?).
2.
In this discussion forum, you will explore project management concepts in detail, focusing on project life cycle approaches, project strategy, planning and delivery methods, and project selection and initiation. Select one of the topics listed below to research and discuss. You are encouraged to utilize resources such as the Amberton University Online Library, Google Scholar, or any appropriate source to locate relevant case studies, articles, or videos.
**Discussion Topics:**
1. **Project Life Cycle Approaches and Models:**
– Examine various project life cycle models and discuss their applications in different types of projects.
2. **Project Strategy, Planning, and Delivery: Models, Methods, and Artifacts:**
– Analyze how different project planning methods and models impact project delivery and the use of various artifacts within the project management process.
3. **Selecting the Project Development Approach and Life-Cycle Model:**
– Discuss factors that influence the selection of a project development approach and life-cycle model, including organizational context and project complexity.
4. **Project Selection & Initiation:**
– Explore the criteria and processes used in project selection and the steps involved in project initiation, emphasizing how these contribute to project success.
**Assignment Instructions:**
**Initial Response Guidelines:**
– **Written Summary:** Craft a comprehensive summary (~400 words) of your chosen source. Contrast its content with the processes described in the course reading assignments and include your insights and experiences where relevant.
– **Video Summary:** Produce a brief video summary (1-2 minutes) highlighting the key points and insights derived from your selected source.
**Formatting Your Post:**
– At the beginning of your post, include the title and author of your article or case study. Provide the URL, title, and author if your source is a video.
– Ensure your submission follows APA formatting guidelines, including in-text citations and references.
**Submission Instructions:**
– Please post your written response and video summary in the discussion forum by the deadline.
– Late submissions will not be accepted for credit without prior arrangement with Dr. Darnell.
– _**Initial post due by Thursday of Week 3, @ 11:59 PM USCT**_
– _**Replies to others are due by Sunday of Week 3, @ 11:59 PM USCT)**_
– 2 years ago