6 Use the table below to answer the questions that follow:Quantity Demanded,ThousandsQuantity Supplied,ThousandsPrice80$2560753560704560655560606560557560508560 Instructions: Enter the full value.a. If this table reflects the supply of and demand for tickets to a particular World Cup soccer game, what is the stadium capacity?b. If the preset ticket price is $65, would we expect to see a secondary market for tickets?(Click to select)If someone who purchased a ticket tried to resell it; would the price be higher than, the same as, or lower than the price in theprimary (original) market?(Click to select)-c. Suppose for some other World Cup game, the quantity of tickets demanded is 20,000 lower at each ticket price than what is shownin the table. If the ticket price remains $65, would the event be a sellout?(Click to select)

Answered: Use the table below to answer the…

Use the table below to answer the questions that follow: Quantity Demanded, Thousands Quantity Supplied, Thousands Price 80 $25 60 76

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

Instructions: Enter the full value.
a. If this table reflects the supply of and demand for tickets to a particular World Cup soccer game, what is the stadium capacity?
b. If the preset ticket price is $65, would we expect to see a secondary market for tickets?
(Click to select)
If someone who purchased a ticket tried to resell it; would the price be higher than, the same as, or lower than the price in the
primary (original) market?
(Click to select)-
c. Suppose for some other World Cup game, the quantity of tickets demanded is 20,000 lower at each ticket price than what is shown
in the table. If the ticket price remains $65, would the event be a sellout?
(Click to select)

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