Use the table below to answer the questions that follow. Instructions: enter the full value. 1) if the table reflects the supply of and demand for tickets to a particular World Cup soccer game, what is the stadium capacity? 2) If the presnt ticket price is $45, would we expect to see a secondary market for tickets? Would the price of a ticket in the secondary market be higher than, the same as, or lower than the price in the primary ( original) market? 3) Suppose for some other World Cup game the quantity of tickets demanded is 20, 000 lower at each ticket price than shown in the table. If the ticket price remains $ 45, would the event be a sellout? Quantity Demanded, thousands price Quantity supplied, thousands 80 $ 25 60 75 35 60 70 45 60 65 55 60 60 55 50 65 75 85 60 60 60
Use the table below to answer the questions that follow. Instructions: enter the full value. 1) if the table reflects the supply of and demand for tickets to a particular World Cup soccer game, what is the stadium capacity? 2) If the presnt ticket price is $45, would we expect to see a secondary market for tickets? Would the price of a ticket in the secondary market be higher than, the same as, or lower than the price in the primary ( original) market? 3) Suppose for some other World Cup game the quantity of tickets demanded is 20, 000 lower at each ticket price than shown in the table. If the ticket price remains $ 45, would the event be a sellout? Quantity Demanded, thousands price Quantity supplied, thousands 80 $ 25 60 75 35 60 70 45 60 65 55 60 60 55 50 65 75 85 60 60 60
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
Related questions
Question
Use the table below to answer the questions that follow.
Instructions: enter the full value.
1) if the table reflects the supply of and
2) If the presnt ticket
3) Suppose for some other World Cup game the quantity of tickets demanded is 20, 000 lower at each ticket price than shown in the table. If the ticket price remains $ 45, would the event be a sellout?
| Quantity Demanded, thousands | price | Quantity supplied, thousands |
| 80 | $ 25 |
60
|
| 75 | 35 | 60 |
| 70 | 45 | 60 |
| 65 |
55
|
60 |
|
60 55 50 |
65 75 85 |
60 60 60 |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 1 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, economics and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (12th Edition)
Economics
ISBN:
9780134078779
Author:
Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher:
PEARSON
Engineering Economy (17th Edition)
Economics
ISBN:
9780134870069
Author:
William G. Sullivan, Elin M. Wicks, C. Patrick Koelling
Publisher:
PEARSON
Principles of Economics (MindTap Course List)
Economics
ISBN:
9781305585126
Author:
N. Gregory Mankiw
Publisher:
Cengage Learning
Managerial Economics: A Problem Solving Approach
Economics
ISBN:
9781337106665
Author:
Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher:
Cengage Learning
Managerial Economics & Business Strategy (Mcgraw-…
Economics
ISBN:
9781259290619
Author:
Michael Baye, Jeff Prince
Publisher:
McGraw-Hill Education