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 only members are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price? (enter number only, not $ sign)

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 only members are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price? (enter number only, not $ sign)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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