Suppose the demand for football tickets at a local college is QD=70,000−500P   and the supply of tickets is QS=30,000.   The market equilibrium price is ​$8080 and the equilibrium quantity is 30000 tickets. ​(Enter your responses as whole​ numbers.)   Total economic surplus in this market is ​______.

ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
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Suppose the demand for football tickets at a local college is
QD=70,000−500P
 
and the supply of tickets is
QS=30,000.
 
The market equilibrium price is
​$8080
and the equilibrium quantity is
30000 tickets. ​(Enter your responses as whole​ numbers.)
 
Total economic surplus in this market is
​______.
​(Enter your response as a whole​ number.)
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