A stadium can seat 60,000 people. Assume 35% of seats are not occupied (not for sale) because of Covid-19 and social distancing requirements. You are told that the current price of tickets is $70 and that the demand is linear and that the demand function (Qd) = 60,000 - 250P. examine the market for tickets for games at the stadium during these Covid times. You should Illustrate themarket for tickets using a demand and supply diagram. Show all your calculations and properly label the diagram. At $70 a ticket the cap on the number of seats available (because of Covid restrictions) is creating a shortage. How many people miss out on tickets when they are priced at $70 per ticket?
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A stadium can seat 60,000 people. Assume 35% of seats are not occupied (not for sale) because of Covid-19 and social distancing requirements.
You are told that the current
price of tickets is $70 and that thedemand is linear and that the demand function (Qd) = 60,000 - 250P.examine the market for tickets for games at the stadium during these Covid times. You should
Illustrate themarket for tickets using a demand and supply diagram. Show all your calculations and properly label the diagram.
At $70 a ticket the cap on the number of seats available (because of Covid restrictions) is creating a shortage. How many people miss out on tickets when they are priced at $70 per ticket?
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