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A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. It has capacity for 600 people and has the same costs no matter how many tickets are actually sold. Thus, it always offers 600 tickets. Also, it is not giving any member discounts, so the members will pay the same ticke price as non-members. The demand and supply schedules are as follows: Table 2-4 Quantity Demanded Quantity Demanded Price Quantity Supplied by Members by Non-members $10 1000 500 600 $15 800 400 600 $20 600 300 600 $25 400 200 600 $30 200 100 600

A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. It has capacity for 600 people and has the same costs no matter how many tickets are actually sold. Thus, it always offers 600 tickets. Also, it is not giving any member discounts, so the members will pay the same ticke price as non-members. The demand and supply schedules are as follows: Table 2-4 Quantity Demanded Quantity Demanded Price Quantity Supplied by Members by Non-members $10 1000 500 600 $15 800 400 600 $20 600 300 600 $25 400 200 600 $30 200 100 600

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Consumer Choice And Elasticity
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A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. It has capacity for 600 people and has the same costs no matter how many tickets are actually sold. Thus, it always offers 600 tickets. Also, it is not giving any member discounts, so the members will pay the same ticket price as non-members. The demand and supply schedules are as follows: Table 2-4 Quantity Demanded Quantity Demanded Price Quantity Supplied by Members by Non-members $10 1000 500 600 $15 800 400 600 $20 600 300 600 $25 400 200 600 $30 200 100 600
Transcribed Image Text:A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. It has capacity for 600 people and has the same costs no matter how many tickets are actually sold. Thus, it always offers 600 tickets. Also, it is not giving any member discounts, so the members will pay the same ticket price as non-members. The demand and supply schedules are as follows: Table 2-4 Quantity Demanded Quantity Demanded Price Quantity Supplied by Members by Non-members $10 1000 500 600 $15 800 400 600 $20 600 300 600 $25 400 200 600 $30 200 100 600
Refer to Table 2-4 If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament and the country club sets of (AMOUNT of shortage/surplus) the ticket price at $30, then there will be a ("shortage" or "surplus") tickets.
Transcribed Image Text:Refer to Table 2-4 If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament and the country club sets of (AMOUNT of shortage/surplus) the ticket price at $30, then there will be a ("shortage" or "surplus") tickets.
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