Answered: Quantity Demanded, Thousands Quantity…

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

Use the table below to answer the questions that follow:
a. If this table reflfl ects the supply of and demand for tickets to a particular World Cup soccer game, what is the stadium capacity?
b. If the preset ticket price is $45, would we expect to see a secondary market for tickets? Explain why or why not. Would the price of a ticket in the secondary market be higher than, the same as, or lower than the price in the primary (original) market?
c. Suppose for some other World Cup game the quantities of tickets demanded are 20,000 lower at each ticket price than shown in the table. If the ticket price remains $45, would the event be a sellout? Explain why or why not.

Quantity Demanded,
Thousands
Quantity Supplied,
Thousands
Price
80
$25
60
75
35
60
70
45
60
65
55
60
60
65
60
55
75
60
50
85
60

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