Use the data and graph below to complete the following.Plot the data points onto the graph. Use all necessary labels.Suppose Miley Cyrus only charges $60 per ticket. Draw this price ceiling on the graphWhat is the equilibrium price and quantity in this market?Price:# # $#Quantity: If the price Miley Cyrus charges for each ticket is below equilibrium, why doesn’t she raise her prices? Market for Miley Cyrus TicketsPriceDemandSupply$200(5)(thousands) (thousands)$180$160$209010$140$408020* $120$607030$100$806040$80$60$1005050$40$1204060$20$1403070$020406080100$1602080Quantity of Tickets (in thousands)$1801090CONCLUSION($) aɔud

Answered: Use the data and graph below to…

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

Use the data and graph below to complete the following.
1. Plot the data points onto the graph. Use all necessary labels.

Suppose Miley Cyrus only charges $60 per ticket. Draw this price ceiling on the graph

What is the equilibrium price and quantity in this market?
1. Price:# # $#
2. Quantity:
3. If the price Miley Cyrus charges for each ticket is below equilibrium, why doesn’t she raise her prices?

Market for Miley Cyrus Tickets
Price
Demand
Supply
$200
(5)
(thousands) (thousands)
$180
$160
$20
90
10
$140
$40
80
20
* $120
$60
70
30
$100
$80
60
40
$80
$60
$100
50
50
$40
$120
40
60
$20
$140
30
70
$0
20
40
60
80
100
$160
20
80
Quantity of Tickets (in thousands)
$180
10
90
CONCLUSION
($) aɔud

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