Suppose that the price of cricket match tickets at Mirpur stadium is determined by market forces. Currently, the demand and supply schedules are as follows: Please c,d part. Don,t copy from anywhere. 1. Suppose that the price of cricket match tickets at Mirpur stadium is determined by marketforces. Currently, the demand and supply schedules are as follows:Price(in taka)Quantity Demanded10,0008500Quantity Supplied10075002007500250750075003005000750050030007500a. Draw the demand and supply curves. What is unusual about this supply curve? Why might thisbe true?b. What are the equilibrium price and quantity of tickets?c. If price is Taka 300, is the market in equilibrium? Why or why not?d. If the price is taka 100, find out the amount of shortage/surplusNext year 5,000 new people are added who are intended to buy tickets. The additional viewerswill have the following demand schedule:Price(in taka)Quantity demanded40001003500300020025030025005002000

Market equilibrium is a situation in an economy when quantity demanded of product is same as…

Answered: If price is Taka 300, is the market in…

If price is Taka 300, is the market in equilibrium? Why or why not? If the price is taka 100, find out the amount of shortage/surplus

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Suppose that the price of cricket match tickets at Mirpur stadium is determined by market forces. Currently, the demand and supply schedules are as follows:

Please c,d part. Don,t copy from anywhere.

1. Suppose that the price of cricket match tickets at Mirpur stadium is determined by market
forces. Currently, the demand and supply schedules are as follows:
Price(in taka)
Quantity Demanded
10,000
8500
Quantity Supplied
100
7500
200
7500
250
7500
7500
300
5000
7500
500
3000
7500
a. Draw the demand and supply curves. What is unusual about this supply curve? Why might this
be true?
b. What are the equilibrium price and quantity of tickets?
c. If price is Taka 300, is the market in equilibrium? Why or why not?
d. If the price is taka 100, find out the amount of shortage/surplus
Next year 5,000 new people are added who are intended to buy tickets. The additional viewers
will have the following demand schedule:
Price(in taka)
Quantity demanded
4000
100
3500
3000
200
250
300
2500
500
2000

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