There is a shortage of college basketball and football tickets for some games, and a surplus occurs for other games. The following graph shows the market for the football team home games. Suppose that your favorite football team has a stadium that seats 25,000 people and that for every game during the season, the football team administrators charge $15 for tickets. The demand curve for the tickets for the top-of-the-league games is labeled Drop, and the demand curve for the tickets for the low-ranked games is labeled Dow On the following graph, use the green points (triangle symbol) to plot the supply curve for the tickets for the football team home game. Then use t grey points (star symbol) to plot the demand curve according to the team administrators. (? PRICE (Dollars per ticket) AAR ARS ARNARD 低打L5 221 09876543210 10 The price of $15 per tickets will result in The team will sell D Law 20 30 40 QUANTITY (Thousands of tickets) 50 DTOP exceeds the quantity of tickets 60 tickets sold. Suppose that the team is to play against a low-ranking rival. The demand curve for the game tickets is Dow tickets, which means that there is a Supply Demand of tickets because the quantity of tickets If. instead, your team were to play against a top-ranking rival, the quantity of tickets would exceed the quantity of tickets
There is a shortage of college basketball and football tickets for some games, and a surplus occurs for other games. The following graph shows the market for the football team home games. Suppose that your favorite football team has a stadium that seats 25,000 people and that for every game during the season, the football team administrators charge $15 for tickets. The demand curve for the tickets for the top-of-the-league games is labeled Drop, and the demand curve for the tickets for the low-ranked games is labeled Dow On the following graph, use the green points (triangle symbol) to plot the supply curve for the tickets for the football team home game. Then use t grey points (star symbol) to plot the demand curve according to the team administrators. (? PRICE (Dollars per ticket) AAR ARS ARNARD 低打L5 221 09876543210 10 The price of $15 per tickets will result in The team will sell D Law 20 30 40 QUANTITY (Thousands of tickets) 50 DTOP exceeds the quantity of tickets 60 tickets sold. Suppose that the team is to play against a low-ranking rival. The demand curve for the game tickets is Dow tickets, which means that there is a Supply Demand of tickets because the quantity of tickets If. instead, your team were to play against a top-ranking rival, the quantity of tickets would exceed the quantity of tickets
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Transcribed Image Text:There is a shortage of college basketball and football tickets for some games, and a surplus occurs for other games.
The following graph shows the market for the football team home games. Suppose that your favorite football team has a stadium that
seats 25,000 people and that for every game during the season, the football team administrators charge $15 for tickets. The demand
curve for the tickets for the top-of-the-league games is labeled Drop, and the demand curve for the tickets for the low-ranked games is
labeled D Low
On the following graph, use the green points (triangle symbol) to plot the supply curve for the tickets for the football team home game. Then use the
grey points (star symbol) to plot the demand curve according to the team administrators.
PRICE (Dollars per ticket)
2887882022INATO
10
The price of $15 per tickets will result in
The team will sell
D
Law
20
30
40
QUANTITY (Thousands of tickets)
50
DTOP
exceeds the quantity of tickets
60
tickets sold.
Suppose that the team is to play against a low-ranking rival. The demand curve for the game tickets is DLow.
tickets, which means that there is a
Supply
Demand
of tickets because the quantity of tickets
If, instead, your team were to play against a top-ranking rival, the quantity of tickets
of tickets.
which would result in a
would exceed the quantity of tickets
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