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 ______.

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

Section: Chapter Questions

Problem 1QTC

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Question

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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