Assume your theater will not sell a ticket for less than 80% of regular price $$$ (my assigned price is 145), but will sell one ticket for one performance at 80% of regular price plus $5 and two performances for 80% of regular price plus $10 for each ticket, for small numbers of movies, x, the theater’s supply curve is modeled by p=S(x). Write down your supply function. Find the equilibrium point. (make sure to provide both x and y coordinates and label it on the graph)

Assume your theater will not sell a ticket for less than 80% of regular price $$$ (my assigned price is 145), but will sell one ticket for one performance at 80% of regular price plus $5 and two performances for 80% of regular price plus $10 for each ticket, for small numbers of movies, x, the theater’s supply curve is modeled by p=S(x). Write down your supply function. Find the equilibrium point. (make sure to provide both x and y coordinates and label it on the graph)

Managerial Economics: A Problem Solving Approach

5th Edition

ISBN:9781337106665

Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Publisher:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor

Chapter8: Understanding Markets And Industry Changes

Section: Chapter Questions

Problem 3MC

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Equilibrium Price and Quantity

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