Table 4-2A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club isconsidering allowing non-members to purchase tickets this year. The demand and supply schedules are as follows:Price Quantity DemandedQuantity DemandedQuantity Suppliedby Members1000$10$15 800$20 600$25 400$30 20013. Refer to Table 4-2. If only members are allowed to purchase tickets to this year's celebrity golf tournament, then whatwill be the equilibrium price?a. $10b.$15c. $20d.$25b. $15$20c.d. $25by Non-members50040030020010014. Refer to Table 4-2. If both members and non-members are allowed to purchase tickets to this year's celebrity golftournament, then what will be the equilibrium price?a. $10600600600600600b.c. 600 tickets sold.d. 600 tickets unsold.a surplus of 300 tickets.15. Refer to Table 4-2. If both members and non-members are allowed to purchase tickets to this year's celebrity golftournament and the country club sets the ticket price at $30, then there will bea. a shortage of 300 tickets.

Meaning of Demand and Supply: The term demand refers to the willingness of an individual to…

Table 4-2 A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. The demand and supply schedules are as follows: Price Quantity Demanded Quantity Demanded by Non-members Quantity Supplied 500 400 300 200 100 by Members 1000 $10 $15 800 $20 600 $25 400 $30 200 600 600 600 600 600 13. Refer to Table 4-2. If only members are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price? a. $10 b. $15 c. $20 d. $25 14. Refer to Table 4-2. If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price? a. $10 b. $15 c. $20 d. $25 15. Refer to Table 4-2. If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament and the country club sets the ticket price at $30, then there will be a. a shortage of 300 tickets. b. a surplus of 300 tickets. c. 600 tickets sold. d. 600 tickets unsold.

Table 4-2 A country club usually only allows members to purchase tickets for its celebrity golf tournament, but the club is considering allowing non-members to purchase tickets this year. The demand and supply schedules are as follows: Price Quantity Demanded Quantity Demanded by Non-members Quantity Supplied 500 400 300 200 100 by Members 1000 $10 $15 800 $20 600 $25 400 $30 200 600 600 600 600 600 13. Refer to Table 4-2. If only members are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price? a. $10 b. $15 c. $20 d. $25 14. Refer to Table 4-2. If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament, then what will be the equilibrium price? a. $10 b. $15 c. $20 d. $25 15. Refer to Table 4-2. If both members and non-members are allowed to purchase tickets to this year's celebrity golf tournament and the country club sets the ticket price at $30, then there will be a. a shortage of 300 tickets. b. a surplus of 300 tickets. c. 600 tickets sold. d. 600 tickets unsold.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter3: Demand And Supply

Section: Chapter Questions

Problem 53P: Table 3.8 shows information on the demand and supply for bicycles, where the quantities of bicycles...

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