Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedules are as follows: Price $4 8 12 16 20 Price 4826986 1. Draw the demand and supply curves. What is unusual about this supply curve? 2. What are the equilibrium price and quantity of tickets? 3. Your college plans to increase total enrollment next year by 5,000 students. The additional students will have the following demand schedule: $4 12 16 Quantity Demanded 10,000 tickets 8,000 6,000 4,000 2,000 20 Quantity Supplied 8,000 tickets 8,000 8,000 Quantity Demanded 4,000 tickets 3,000 2,000 1,000 0 8,000 8,000 4. Add the old demand schedule and the demand schedule for the new students to calculate the new demand schedule for the entire college. What will be the new equilibrium price and quantity?

Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedules are as follows: Price $4 8 12 16 20 Price 4826986 1. Draw the demand and supply curves. What is unusual about this supply curve? 2. What are the equilibrium price and quantity of tickets? 3. Your college plans to increase total enrollment next year by 5,000 students. The additional students will have the following demand schedule: $4 12 16 Quantity Demanded 10,000 tickets 8,000 6,000 4,000 2,000 20 Quantity Supplied 8,000 tickets 8,000 8,000 Quantity Demanded 4,000 tickets 3,000 2,000 1,000 0 8,000 8,000 4. Add the old demand schedule and the demand schedule for the new students to calculate the new demand schedule for the entire college. What will be the new equilibrium price and quantity?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

i need the answer quickly
Consider the following 10 items stored in stocks. Item Demand Unit Cost A2 3000 50 B8 4000 12 C7 1500 45 D1 6000 10 E9 1000 20 F3 500 500 G2 300 1500 H2 600 20 15 1750 10 J8 2500 (a) Develop an ABC classification. (b) Explain how this classification helps decision maker. (c) The decision maker wants to put item A2 into category A. Discuss the reasoning behind this decision.
6000– S2 S1 5000 - A 4000– P 3000- H 2000- 1000 S1 3 4 6 7 8 9. 10 Quantity Supplied (in millions) Price ($)
$ per unit 100.00- 90.00- 80.00 70.00- -00 09 50.00- 40.00- 30.00- 20.00- 10.00- 0 10 20 30 MR 40 50 Quantity OK 09 70 MC=ATC D 09 90 100
Discussing the working of Multipier explain its leakages
B9
What are the Revenue projects?
Can you ref the above Harvard style
QUESTION 6 Money can be saved and used later. True False
F) Which movement could be caused by an increase in the wages of workers in the apple orchard * O A to C O B to D H to A O A to E Answer not given
Output TFC 0 $500 2 500 4 CO 00 6 8 10 500 500 500 500 TVC $0 200 340 590 1000 1650 TC $500 700 840 1090 1500 2150
per ogr 82.00 20.00 17.50 16.00 12.00 10.00 7.50 6.00 2.60 250 500 750 1000 120 1500 1750 Quantity of ehrimp (in kilogram) Government of Canada has introduced deficiency payment program with a target price equal to $1750 per kilogram of Shrimp, Government spending under the program is Select one Oa $12,500 Ob $22500 Oc $15,000