Essentials of Economics (MindTap Course List)
7th Edition
ISBN: 9781285165950
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Question
Chapter 4, Problem 11PA
Subpart (a):
To determine
Equilibrium in the market.
Subpart (b):
To determine
Equilibrium in the market.
Subpart (c):
To determine
Equilibrium in the market.
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Suppose that the price of basketball tickets at your college
is determined by market forces. Currently, the demand and
supply schedules are as follows:
Price
$4
#82620
12
16
Price
$4
8
Quantity Demanded
10,000 tickets
8,000
6,000
4,000
2,000
1. Draw the demand and supply curves. What is unusual
about this supply curve?
2. What are the equilibrium price and quantity of tickets?
3. Your college plans to increase total enrollment next year
by 5,000 students. The additional students will have the
following demand schedule:
12
16
20
Quantity Supplied
8,000 tickets
8,000
8,000
Quantity Demanded
4,000 tickets
3,000
2,000
1,000
0
8,000
8,000
4. Add the old demand schedule and the demand schedule
for the new students to calculate the new demand schedule
for the entire college. What will be the new equilibrium
price and quantity?
Describe how each of the following will affect the demand for television sets
a) a rise in incomes ( assuming televisions are considered to be normal good.)
b) A higher expected future prices for television sets.
c) Olympic is starting in next month, and the nation is crazy to watch Olympics.
Describe the use of the law of supply or the law of demand in an activity in which you were involved during an average week.
Chapter 4 Solutions
Essentials of Economics (MindTap Course List)
Ch. 4.1 - Prob. 1QQCh. 4.2 - Prob. 2QQCh. 4.3 - Prob. 3QQCh. 4.4 - Prob. 4QQCh. 4 - Prob. 1QRCh. 4 - Prob. 2QRCh. 4 - Prob. 3QRCh. 4 - Prob. 4QRCh. 4 - Prob. 5QRCh. 4 - Prob. 6QR
Ch. 4 - Prob. 7QRCh. 4 - Prob. 8QRCh. 4 - Prob. 9QRCh. 4 - Prob. 1QCMCCh. 4 - Prob. 2QCMCCh. 4 - Prob. 3QCMCCh. 4 - Prob. 4QCMCCh. 4 - Prob. 5QCMCCh. 4 - Prob. 6QCMCCh. 4 - Prob. 1PACh. 4 - Prob. 2PACh. 4 - Consider the market for minivans. For each of the...Ch. 4 - Prob. 4PACh. 4 - Prob. 5PACh. 4 - Prob. 6PACh. 4 - Prob. 7PACh. 4 - Prob. 8PACh. 4 - Prob. 9PACh. 4 - Prob. 10PACh. 4 - Prob. 11PA
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