At a price of p dollars per ticket, the number of ticketsto a rock concert that can be sold is given by the demandmodel N = -25p + 7800. At a price of p dollars perticket, the number of tickets that the concert's promotersare willing to make available is given by the supply modelN = 5p + 6000.a. How many tickets can be sold and supplied for $50 perticket?b. Find the ticket price at which supply and demand areequal. At this price, how many tickets will be suppliedand sold?

The demand curve is the quantity demanded by the consumers at various levels of prices whereas the…

Answered: At a price of p dollars per ticket, the…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Similar questions

A government is considering placing a tax on alcohol consumption (demand-side) with the goal of raising revenue in order to finance health care benefits such as Medicare. People who support the tax argue that the demand for alcohol is price inelastic in the short-run. Which of the following statements is true? a.This is a very good way to raise revenue both in the short term and in the long term because there are no substitutes for alcohol. b.No tax revenue can be raised in this way because alcohol sellers will just lower their price by the amount of the tax, and therefore the consumer price of alcohol will not change. c.This tax will not raise much revenue either in the short term or the long term because demand is price inelastic. d.The alcohol tax will raise a lot of revenue in the short-run, but it may not raise as much revenue in the long-run since people will substitute away from alcohol, making the long-run demand for alcohol more elastic.
Your instructor gives you two equations: 1) Q = 40 + 2P and 2) Q = 100 – 4P. What types of curves are #1 & #2? Both are supply curves Both are demand curves Equation #1 is the demand curve whereas equation #2 is the supply curve Equation #1 is the supply curve whereas equation #2 is the demand curve
The distinction between a change in demand and a change in quantity demanded is best made by saying that: a change in quantity demanded causes a change in demand. a change in quantity demanded is caused by a change in price and a change in demand is caused by a change in other factors. a change in both quantity demanded and demand is caused by a change in price. a change in demand is caused by a change in price and a change in quantity demanded is caused by a change in other factors.
Which of the following will produce a price increase for Good X? For each case, plot a chart with supply and demand curves to show your idea. Demand rises while Supply falls. Demand falls while Supply is constant. Supply falls while Demand is constant. Demand falls faster than Supply falls. Supply rises while Demand falls. Demand rises faster than Supply rises.
Increase in the number of firms will shift the supply curve to the....?
Consider the market for cars. Car producers expect the price of cars to increase next month. What will happen to the supply curve right now? Group of answer choices A The current supply of cars will decrease (a shift in the entire curve) B The current supply of cars will increase (a shift in the entire curve) C The current quantity supplied for cars will increase (a movement along the curve) without a shift in the curve D The current quantity supplied for cars will decrease (a movement along the curve) without a shift in the curve
‌If we observe the price of a good or service rising, then the most likely cause is ‌an increase in demand‌ a temporary surplus a small increase in demand followed by a huge increase in supply an increase in supply
Please draw a demand curve. Label everything possible.
Consider the weekly supply of gasoline in Figure 1. How much gasoline will producers wish to sell if the price of a gallon of gasoline is $1.20? A) 100K gallons b) 140K gallons C) 236K gallons D) 308K gallons
Initially, the market for nitrile gloves is in equilibrium. In applying the concepts of supply and demand, which of the following will happen at the new equilibrium point in the nitrile gloves market if the demand curve shifts to the right by the same amount that the supply curve shifts to the right? The price of nitrile gloves will increase. The price of nitrile gloves will decrease. The price of nitrile gloves will stay the same. There will be a surplus of nitrile gloves in the market. There will be a shortage of nitrile gloves in the market.
Supply increases demand is what?
The Demand for a good always increase with the increase in the prices of other goods True/False

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