NOTE: ANSWER NO. 4 ONLY, LAST SUBPART. 3. Your college plans to increase total enrollment next fear by 5,000 students. Theadditional students will have the following demand schedule:New demand and supply schedule -Prices Demand Supply1400080001100080008000800050008000200080004812Price$481216201620Equilibrium Price would be = 8000& Corresponding quantity = 12Quantity Demanded4,000 tickets3,0002,0001,00004. Add the old demand schedule and the demand schedule for the new students tocalculate the new demand schedule for the entire college. What will be the newequilibrium price and quantity? Suppose that the price of basketball tickets at your college is determined by marketforces. Currently, the demand and supply schedules are as follows:Price$4812162025201. Draw the demand and supply curves. What is unusual about this supply curve?151050Quantity Demanded10,000 tickets8,0006,0004,0002,000020004000Quantity Supplied8,000 tickets8,0008,00060008,0008,0008000-Demand Sheet1!$I$8-Supply1000012000Strange thing about supply curve is that its horizontal in nature which implies thatthere is no change in supplied amount with prices.2. What are the equilibrium price and quantity of tickets?Equilibrium level is achieved where demand & supply curve intersect.Therefore, Equilibrium Price = 8Equilibrium Quantity = 8000

The distribution of the goods is ideal in a free economy. When a commodity's supply and demand are…

Answered: 4. Add the old demand schedule and the…

4. Add the old demand schedule and the demand schedule for the new students to calculate the new demand schedule for the entire college. What will be the new equilibrium price and quantity?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Related questions

Q: For a decision problem which includes survey information it is found that EMV(survey)=111, EVPI=24,…

A: Given, EMV(survey)= 111 EVPI= 24 EMV(perfect)= 121 Survey cost= 6

Q: (1) Determine the contribution margin ratio. per unit Contribution margin Contribution Margin Ratio…

A: CONTRIBUTION MARGIN " IT SHOWS THE AGGREGATE AMOUNT OF REVENUE AFTER VARIABLE COST TO COVER FIXED…

Q: Kal Tech Engineering Inc manufactures video games. Variable costs are estimated to be $20 per unit…

A: The objective of the question is to find the breakeven quantity or quantities for Kal Tech…

Q: PLS HELP ASAP ON BOTH

A: Item 1: B. Develop good strength and toughness through normalizing High-strength low-alloy steels…

Q: A student's course grade is based on one midterm that counts as 20% of his final grade, one class…

A: The way to deal with settle this inquiry is to understand that the imprints must be changed over…

Q: The investor plans to invest 2000 UAH and chooses between two investment options: one-year bond that…

A: Bond refers to the financial instrument that is used in exchange for receiving investments from…

Q: which of the following is a good expression for the SRAS Y= Yp Y=Af(K,L,N,H)…

A: Evaluating the options - 1.Y = Yp Here output is equal to out put at given price . 2. Y =…

Q: In 2017, $5000 worth of cotton was produced in a country called X. This cotton was then turned into…

A: Gross Domestic Product: It refers to the value of all the final goods and services produced…

Q: PLS HELP ASAP ON BOTH

A: The cathode ray tube (CRT) is typically used to display ultrasonic data in its format. There are…

Q: I will leave a like on all sections for your assistance, and split this into the required additional…

A: I hope this answer will helps you. Please provide positive rating that will helps me to solve more…

Q: A discrete variable Q, extra inventory units, has integer values from 1 to 10. When sampled 100…

A: (a) To find the sample average (or expected value – EV) we will multiply the probabilities with the…

Q: None

A: a) To convert the mass of a compound to the number of molecules, the following formula will be…

Q: Calculate the amount of water required (kg/hr) in a heat exchanger that cools down 100 kg/h of corn…

A: I hope this helps.

Q: there are no solutions

A: Capital goods are man-made products utilized by a business to produce consumer or other capital…

Q: CINESA, a government-owned power company that normally uses natural gas for electricity generation,…

A: Utility' revenue less costs = profits. To maximise profit is the goal of the firm. First order…

Q: pls help asap on both

A: Impact tests are crucial in materials testing to assess the ability of a material to withstand…

Q: pls help asap on both

A: 1. Martensite is indeed characterized as a very hard, needle-like structure produced by a fast…

Q: An electric switch manufacturing company is trying to decide between three different assembly…

A: The cost structure of the three alternatives A, B, and C are presented in the table…

Q: The delivered equipment oast for a fixed-bed carbon adsorption system with a capacity of 5000 acini…

A: By using the following relation we can determine the installed cost.C1 is denoted by the original…

Q: pls help asap on both

A: Item 1: The liquid penetrant inspection method is a non-destructive testing (NDT) technique that is…

Q: A fund manager has been monitoring the performance of Virgin Galactic Corporation shares (NYSE:…

Q: US-Mobile manufactures and sells two products, tablet computers (55% of sales) and smartphones (45%…

A: The breakeven point is the level of production at which a product's costs equal its revenues. The…

Q: A fruit grower can use two types of fertilizer in her orange grove, brand A or brand B. The amounts…

Concept explainers

Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.

Question

NOTE: ANSWER NO. 4 ONLY, LAST SUBPART.

3. Your college plans to increase total enrollment next fear by 5,000 students. The
additional students will have the following demand schedule:
New demand and supply schedule -
Prices Demand Supply
14000
8000
11000
8000
8000
8000
5000
8000
2000
8000
4
8
12
Price
$4
8
12
16
20
16
20
Equilibrium Price would be = 8000
& Corresponding quantity = 12
Quantity Demanded
4,000 tickets
3,000
2,000
1,000
0
4. Add the old demand schedule and the demand schedule for the new students to
calculate the new demand schedule for the entire college. What will be the new
equilibrium price and quantity?

Suppose that the price of basketball tickets at your college is determined by market
forces. Currently, the demand and supply schedules are as follows:
Price
$4
8
12
16
20
25
20
1. Draw the demand and supply curves. What is unusual about this supply curve?
15
10
5
0
Quantity Demanded
10,000 tickets
8,000
6,000
4,000
2,000
0
2000
4000
Quantity Supplied
8,000 tickets
8,000
8,000
6000
8,000
8,000
8000
-Demand Sheet1!$I$8-Supply
10000
12000
Strange thing about supply curve is that its horizontal in nature which implies that
there is no change in supplied amount with prices.
2. What are the equilibrium price and quantity of tickets?
Equilibrium level is achieved where demand & supply curve intersect.
Therefore, Equilibrium Price = 8
Equilibrium Quantity = 8000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Introduction:

VIEW

Explanation:

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.

Similar questions

Different types and capacities of crawler hoes are being considered for use in a significant excavation project to bury fiber-optic cable in Argentina. Several supervisors who have experience with similar projects have identified key attributes and their view of relative importance. Determine the weighted rank order (0 to 10 scale) and the normalized weights. Attribute Comment 1. Truck vs. hoe height 90% as important as trenching speed 2. Type of topsoil Only 10% of most important attribute 3. Type of subsoil 30% as important as trenching speed 4. Hoe cycle time Twice as important as type of subsoil 5. Hoe trenching speed Most important attribute 6. Cable-laying speed 80% as important as hoe cycle time
So my t = 12.964 is wrong? How can I be sure that t = 90? Greatly Appreciated!!
provide certification & registrations needed to start sole trade truck business; for these services: towing/ carrying = R500, rental-hire = R1500, local moving (furniture/office/warhousing & courier, truck wash, packing/ unpacking) = R1650/day. Regional routes from: Cape town, Durban, johannesburg, blomfontein, port elizabeth. Include detailed business plan for company name (Zltdex transport)
Calculate the sensitivity with respect to PW to +50% alters in (a) Initial investment (ii) Net annual receipt, (iii) MARR for following information Investment $95K, useful life 10 years, MARR=12%, Salvage value $10K, Annual receipts $20K
PLS HELP ASAP ON BOTH
pls help asap on both
If the R2=0.5647 and the SSR=357414. What is the SST? Write your answer to 2 decimal places.
pls help asap on both
PLS HELP ASAP ON BOTH
How did you come about these rates/Values: 14.29;24.4;17.49;12.49;8.93; 8.92;8.93 ???
Find the lower bound of the confidence interval, rounding the result to four decimal places. Р(1 — р) p - E = P – Z«j2\ %3D 0.57(1 – 0.57) = 0.57 1.960 1,007 Find the upper bound of the confidence interval, rounding the result to four decimal places. P(1 — р) p + E : p + z 0.57(1 – 0.57) = 0.57 + 1.960 1,007 Therefore, a 95% confidence interval for the population proportion of adults who lack confidence they will be able to afford health insurance in the future is from a lower bound of X to an upper bound of
pls help asap on both