When excess demand exists for tickets to a major sporting event or a concert, profit opportunities exist for scalpers. The table below indicates the quantities demanded at various prices, fill in the values for the supply curve for tickets to a sold-out venue that holds20,000 peoplePrice perTicketQuantity of TicketsDemandedQuantity of TicketsSupplied35045,0002000010040,0002000015035,0002000020030,0002000025025,0002000030020,0002000035015, D0020000The fact that there is a face-value price of $50 per ticket could be illustrated on a graph as a horizontal line at $50The equilibrium price that will prevail in the market if scalpers are allowed to operate in the black market would be 5 300 per ticket.The quantity of tickets demanded at the face-value price is 45,000 tickets.For this example, a shortage of tickets exists at the face-value price.

In the above example, Face value of ticket is $ 50. Max. supply is 20000 tickets. for one ticket of…

Answered: When excess demand exists for tickets…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

QD ($) 16 3,000 2,800 20 18 2,600 2,400 2,200 2,000 22 24 26 28 1,800 30 1,600 Above is the demand schedule for tickets to a Carnegie Hall performance of the Grateful Dead. Carnegie Hall seats 2,200 people. What is the equilibrium price and quantity for a concert of the Grateful Dead at Carnegie Hall? If tickets were sold for $18, what would happen (be
The average ticket price for a concert at the opera house was $30. The average attendance was 5000. When the ticket price was raised to $33, attendance declined to an average of 4700 persons por performance. What should the ticket price be to maximize revenue for the opera house? (Assume a linear demand curve.) To maximize revenue, the price should be $ por ticket. (Type an integer or decimal rounded to two decimal places as needed. Simplify your answer.)
Supply curves tend to be more ______ the greater the time period facing the producer. A) Price -in elastic B) price- elastic C) steeply sloped D) infkexi
Customers who are indifferent to price increases based on their income, taste and preferences are viewed as having inelastic demand True False Factor other than price may move demand curve True False
Given the demand for Bus services Q = 485 – 5P+ 7Pp +3PT+ 1.5Y, where Y = 10 000 P = 100, price for train PT = 50 and the price for planes Pp = 100. a) Can we say that “Bus services are inferior or normal services Providers” backbone your answer. b) Do you think that train and planes are substitutes or complementary service providers to the bus service, support your answer with empirical results.
What is the minimum price that producer is willing to accept for 1500 bottles? Price per Ice-cream (Rs.) Demand for Ice cream (Qd) Supply for Ice cream (Qs) 140 500 1500 120 750 1200 100 1000 1000 80 1250 750 60 1500 600 40 1750 300
Since the supply curve intersects the horizontal axis, all of the points along the supply curve shown are inelastic: True or false and Explain your choice Most likely, the elasticity of demand for transportation is greater than the elasticity of demand for cars. Revenue remains unchanged along a straight-line demand curve.
Explain elastic or inelastic demand in the automobile industry and how consumers respond to changes in price as a result of the elasticity.
Dominos Pizza is trying to attract pizza delivery drivers away from Pizza Hut by offering them hourly wages above the current market wage (assumed to be $8 per hour). If the correct supply price elasticity for delivery drivers is 3.0 and Dominos wants to increase its delivery personnel by 15 percent, then they must increase their hourly wage from $8/hour to: $8.40/hour $8.80/hour $9.00/hour $9.40/hour
Explain why the cross elasticity of demand for substitute goods is positive and the cross elasticity of demand for complements is negative.
Demand and Supply Schedules for Papaya Price $ Quantity demanded Quantity Supplied 4 36,000 4,000 8 32,000 8,000 12 28,000 12,000 16 24,000 16,000 20 20,000 20,000 24 16,000 24,000 28 12,000 28,000 32 8,000 32,000 36 4,000 36,000 Determine whether the demand for mangoes is elastic, inelastic or unit elastic. Explain your answer.
Make a supply and demand diagram where the drop of a price of a replacement negative growth in the number of merchants for scooters are Key components.

Recommended textbooks for you

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

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

ENGR.ECONOMIC ANALYSIS

Economics

ISBN:

9780190931919

Author:

NEWNAN

Publisher:

Oxford University Press

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

SEE MORE TEXTBOOKS