Suppose that the price of basketball tickets at the college is determined by market forces. Currently, the demand and supply schedules are as follows: Quantity Demanded 10,000 tickets 8,000 6,000 4,000 | 2,000 Quantity Supplied 8,000 tickets 8,000 8,000 8,000 8,000 Price Php. 4 8 12 16 20 a. Draw the demand and supply curves. What is unusual about the supply curve? Why might this be true? b. Derive the demand and supply equation for this market condition. c. What are the equilibrium price and quantity of tickets?

Suppose that the price of basketball tickets at the college is determined by market forces. Currently, the demand and supply schedules are as follows: Quantity Demanded 10,000 tickets 8,000 6,000 4,000 | 2,000 Quantity Supplied 8,000 tickets 8,000 8,000 8,000 8,000 Price Php. 4 8 12 16 20 a. Draw the demand and supply curves. What is unusual about the supply curve? Why might this be true? b. Derive the demand and supply equation for this market condition. c. What are the equilibrium price and quantity of tickets?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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