If the equilibrium price for tickets to a Carrie Underwood concert is $120 each, and she sells them for $100. Instructions: In part b, enter your response as a whole number. a. Does she create a market surplus or shortage? shortage $ O surplus O Neither a shortage nor a surplus. b. Suppose scalpers buy 9,000 tickets and resell them for $120 each. How much profit do the scalpers earn?

If the equilibrium price for tickets to a Carrie Underwood concert is $120 each, and she sells them for $100. Instructions: In part b, enter your response as a whole number. a. Does she create a market surplus or shortage? shortage $ O surplus O Neither a shortage nor a surplus. b. Suppose scalpers buy 9,000 tickets and resell them for $120 each. How much profit do the scalpers earn?

Micro Economics For Today

10th Edition

ISBN:9781337613064

Author:Tucker, Irvin B.

Publisher:Tucker, Irvin B.

Chapter3: Market Demand And Supply

Section: Chapter Questions

Problem 11SQP

See similar textbooks

Similar questions

Can you propose a policy that meld induce the market to supply more rental housing units?
The following table summarizes information about the market for principles of economics textbooks: Price Quantity Demanded per Year Quantity Supplied per Year $45 4,300 300 55 2,300 700 65 1,300 1,300 75 800 2,100 85 650 3,100 What is the market equilibrium price and quantity of textbooks? To quell outrage over tuition increases, the college places a $55 limit on the price of textbooks. How many textbooks will be sold now? While the price limit is still in effect, automated publishing increases the efficiency of textbook production. Show graphically the likely effect of this innovation on the market price and quantity.
If the price is above line equilibrium level, would you predict a surplus or a shortage? If line price is below the equilibrium level, would you predict a surplus or a shortage? Why?
Explain why the following statement is false: In the goods market, no buyer would be willing to pay more than me equilibrium price.
The following table summarizes information about the market for principles of economics textbooks: What is the market equilibrium price and quantity of textbooks? To quell outrage over tuition increases, the college places a $55 limit on the price of textbooks. How many textbooks will be sold now? While the price limit is still in effect, automated publishing increases the efficiency of textbook production. Show graphically the likely effect of this innovation on the market price and quantity.