Suppose that the prie<> of basketball tickcts at yourcollege is determined by market forces. Currently. thedemand and supply schedules arc as follows:Price Quantity Demanded Quantity Supplied$4 10,000 tickets 8.000 tickets8 8,000 8,00012 6,000 8,00016 4,000 8,00020 2,000 8,000a. Draw the demand and supply curves. What isunusual about this supply curve? Why might thisbe true?b. \oVhat arc the equilibrium price and quantity oftickets?c. Your college plans to increase total enrollmentnext year by 5,000 students. 1he additional stu·dents will have the following demand schedule:Price Quantity Demanded$4 4,000 tickels8 3,00012 2,00016 1,00020 0Now add the old demand schedule and thedemand schedule for the new students tocalculate the ne\"' demand schedule for theentire college. What will be the newcquUibrium price and quantity?
Suppose that the prie<> of basketball tickcts at yourcollege is determined by market forces. Currently. thedemand and supply schedules arc as follows:Price Quantity Demanded Quantity Supplied$4 10,000 tickets 8.000 tickets8 8,000 8,00012 6,000 8,00016 4,000 8,00020 2,000 8,000a. Draw the demand and supply curves. What isunusual about this supply curve? Why might thisbe true?b. \oVhat arc the equilibrium price and quantity oftickets?c. Your college plans to increase total enrollmentnext year by 5,000 students. 1he additional stu·dents will have the following demand schedule:Price Quantity Demanded$4 4,000 tickels8 3,00012 2,00016 1,00020 0Now add the old demand schedule and thedemand schedule for the new students tocalculate the ne\"' demand schedule for theentire college. What will be the newcquUibrium price and quantity?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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| Suppose that the prie<> of basketball tickcts at your college is determined by market forces. Currently. the $4 10,000 tickets 8.000 tickets 8 8,000 8,000 12 6,000 8,000 16 4,000 8,000 20 2,000 8,000 a. Draw the demand and supply curves. What is unusual about this supply curve? Why might this be true? b. \oVhat arc the tickets? c. Your college plans to increase total enrollment next year by 5,000 students. 1he additional stu· dents will have the following demand schedule: Price Quantity Demanded $4 4,000 tickels 8 3,000 12 2,000 16 1,000 20 0 Now add the old demand schedule and the demand schedule for the new students to calculate the ne\"' demand schedule for the entire college. What will be the new cquUibrium price and quantity? |
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