At a price of p dollars per ticket, the number of ticketsto a rock concert that can be sold is given by the demandmodel N = -25p + 7800. At a price of p dollars perticket, the number of tickets that the concert's promotersare willing to make available is given by the supply modelN = 5p + 6000.a. How many tickets can be sold and supplied for $50 perticket?b. Find the ticket price at which supply and demand areequal. At this price, how many tickets will be suppliedand sold?

The demand curve is the quantity demanded by the consumers at various levels of prices whereas the…

Answered: At a price of p dollars per ticket, the…

Macroeconomics

13th Edition

ISBN:9781337617390

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter3: Supply And Demand: Theory

Section3.3: The Market: Putting Supply And Demand Together

Problem 1ST

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Market: Airline-TicketsScenario: During A Pandemic Carriers have radically reduce air-fare prices for international flights causing a three-percent(3%) increase in sales(tickets-revenue).At the same time, because of the aforementioned pandemic there have been eleven-percent(11%) reduction in demand for international-air-travel.Using the list of options of possible impacts, select what is happening in the following markets. Select the impact if any on:i.Supplyii.Priceiii.Quanityiv.Demand
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Suppose the government of the island has decided to make tomatoes more affordable to consumers by imposing a fixed per unit subsidy. Thus, start with the original demand (Qd = 50 – 5P) and supply (Qs = 5P – 25) and analyze this new intervention, the subsidy. The subsidy works like this: tomato sellers receive a $4 refund from the government for each kilogram of tomatoes they sell to consumers. • Write down the equation for the new "effective supply" curve. • Determine the new equilibrium quantity and equilibrium price. • What is the price that the consumers will pay for their tomatoes? • What is the price that the producers will effectively earn for their tomatoes, inclusive of the subsidy? • How much will the government spend on tomato subsidies in this case in total? (Recall the units of measurement: P is the price in dollars per kilogram of tomatoes; and Q is the quantity of tomatoes, expressed in thousands of kilograms.) • Produce a new graph depicting the new, post-subsidy…
Suppose the government of the island has decided to make tomatoes more affordable to consumers by imposing a fixed per unit subsidy. Thus, start with the original demand (Qd = 50 – 5P) and supply (Qs = 5P – 25) and analyze this new intervention, the subsidy. The subsidy works like this: tomato sellers receive a $4 refund from the government for each kilogram of tomatoes they sell to consumers. Write down the equation for the new "effective supply" curve. Determine the new equilibrium quantity and equilibrium price. What is the price that the consumers will pay for their tomatoes? What is the price that the producers will effectively earn for their tomatoes, inclusive of the subsidy? How much will the government spend on tomato subsidies in this case in total? (Recall the units of measurement: P is the price in dollars per kilogram of tomatoes; and Q is the quantity of tomatoes, expressed in thousands of kilograms.) Produce a new graph depicting the new, post-subsidy equilibrium…
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(J) please answer asap.... For what products is the Law of Demand true? a. for luxuries but not for necessities b. for all products as long as everything else remains constant c. for products with elastic demand but not for products with inelastic demand d. for products in a market economic system but not for products in a command economic system

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