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 Quantity Supplied (Dollars) Price of The De 12 16 20 (Tickets) 12,000 10,000 8,000 7,000 6,000 (Tickets) 10,000 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. Quanty of Tickets (Thousand 10,000 10,000 10,000 10,000 -0 Orginal Demand -o- Supply + Orghal Equirum New Demand New Equitum Your college plans to increase total enrollment next year by 7,000 students. The additional students will have the following demand schedule:

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Question
Economics
Suppose that the price of basketball tickets at your college is determined by market forces.
Currently, the demand and supply schedules are as follows:
RY
Price
(Dollars)
Price of Tickets(Defa)
#42
8
12
16
20
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.
Quantity Demanded Quantity Supplied
(Tickets)
(Tickets)
10,000
12,000
Price
(Dollars)
10,000
8,000
7,000
6,000
12
16
20
10 12 14
Quandy of Tickets (Thousands)
16 18 20
10,000
10,000
10,000
10,000
Quantity Demanded
(Tickets)
6,000
5,000
4,000
3,000
2,000
-o-
Original Demand
-O-
Supply
+
Your college plans to increase total enrollment next year by 7,000 students. The additional
students will have the following demand schedule:
Orginal Equilibrium
New Demand
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: RY Price (Dollars) Price of Tickets(Defa) #42 8 12 16 20 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. Quantity Demanded Quantity Supplied (Tickets) (Tickets) 10,000 12,000 Price (Dollars) 10,000 8,000 7,000 6,000 12 16 20 10 12 14 Quandy of Tickets (Thousands) 16 18 20 10,000 10,000 10,000 10,000 Quantity Demanded (Tickets) 6,000 5,000 4,000 3,000 2,000 -o- Original Demand -O- Supply + Your college plans to increase total enrollment next year by 7,000 students. The additional students will have the following demand schedule: Orginal Equilibrium New Demand New Equilibrium
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