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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 Quantity Demanded (Dollars) Price of Tickets (Dollars) 8 18 16 Use the blue points (circle symbol) to graph the demand for basketball tickets. Then use the orange points (square symbol) to graph the supply of tickets. Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in this market. 14 12 10 8 2 8 12 16 20 0 00 0 2 (Tickets) 12,000 10,000 8,000 7,000 6,000 4 Quantity Supplied (Tickets) 10,000 10,000 10,000 10,000 10,000 6 8 10 12 Quantity of Tickets (Thousands) 16 18 20 Original Demand O Supply Original Equilibrium New Demand image 1 New Equilibrium

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 Quantity Demanded (Dollars) Price of Tickets (Dollars) 8 18 16 Use the blue points (circle symbol) to graph the demand for basketball tickets. Then use the orange points (square symbol) to graph the supply of tickets. Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in this market. 14 12 10 8 2 8 12 16 20 0 00 0 2 (Tickets) 12,000 10,000 8,000 7,000 6,000 4 Quantity Supplied (Tickets) 10,000 10,000 10,000 10,000 10,000 6 8 10 12 Quantity of Tickets (Thousands) 16 18 20 Original Demand O Supply Original Equilibrium New Demand image 1 New Equilibrium

Microeconomics: Private and Public Choice (MindTap Course List)
Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506893
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter7: Consumer Choice And Elasticity
Section: Chapter Questions
Problem 12CQ: Jills Sausage Dog Stand projects the following demand for Jills sausage dogs: a. Calculate the price...
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Your college plans to increase total enrollment next year by 7,000 students. The additional students will have the following demand schedule: Price Quantity Demanded (Dollars) 4 8 CON 00 12 16 20 (Tickets) 6,000 5,000 4,000 3,000 2,000 image 2 Add the old demand schedule and the demand schedule for the new students to calculate the new demand schedule for the entire college. Use the purple points (diamond symbol) to draw this new demand curve on the previous graph. Then use the grey point (star symbol) to indicate the new equilibrium price and quantity.
Transcribed Image Text:Your college plans to increase total enrollment next year by 7,000 students. The additional students will have the following demand schedule: Price Quantity Demanded (Dollars) 4 8 CON 00 12 16 20 (Tickets) 6,000 5,000 4,000 3,000 2,000 image 2 Add the old demand schedule and the demand schedule for the new students to calculate the new demand schedule for the entire college. Use the purple points (diamond symbol) to draw this new demand curve on the previous graph. Then use the grey point (star symbol) to indicate 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 Quantity Demanded (Dollars) 4 Price of Tickets (Dollars) 20 18 Use the blue points (circle symbol) to graph the demand for basketball tickets. Then use the orange points (square symbol) to graph the supply of tickets. Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in this market. 16 14 12 10 10 4 2 8 12 16 20 0 0 (Tickets) 12,000 10,000 8,000 7,000 6,000 2 Quantity Supplied (Tickets) 10,000 10,000 10,000 10,000 10,000 4 6 8 10 12 14 Quantity of Tickets (Thousands) 16 18 Original Demand Supply + Original Equilibrium New Demand * image 1 New Equilibrium
Transcribed Image Text: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 Quantity Demanded (Dollars) 4 Price of Tickets (Dollars) 20 18 Use the blue points (circle symbol) to graph the demand for basketball tickets. Then use the orange points (square symbol) to graph the supply of tickets. Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in this market. 16 14 12 10 10 4 2 8 12 16 20 0 0 (Tickets) 12,000 10,000 8,000 7,000 6,000 2 Quantity Supplied (Tickets) 10,000 10,000 10,000 10,000 10,000 4 6 8 10 12 14 Quantity of Tickets (Thousands) 16 18 Original Demand Supply + Original Equilibrium New Demand * image 1 New Equilibrium
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