There is a shortage of college basketball and football tickets for some games, and a surplus occurs for other games. Why do shortages and surpluses exist for different games?

Q: The diagram below represents the market for battery packs. If the price were currently at $6/pack…

A: In a market, if the market price is above or below the optimal price or the equilibrium price, there…

Q: If the economy goes into a recession and income fall, what happen in the market for inferior good?

A: Inferior goods are the goods that are inversely related to the income ie these might be low-quality…

Q: Economics The following table shows the relationship between quantity demanded and quantity supplied…

A: Surplus means the excess of production i.e. when the quantity demanded is greater than the quantity…

Q: If the quantity exchanged in a market is greater than the equilibrium quantity, then the supply…

A: Equilibrium price is the price at which quantity demanded equals quantity supplied and the market…

Q: In a village, Lou and Lisa are the only people who buy haircuts.   When the price is $15.00, Lisa…

A: Demand is the quantity of an item or service that consumers buy at various prices during a specific…

Q: IF you have 2 goods, that are perfect one to one substitutes, and the price of one of the goods…

A: Perfect substitutes are those commodities that can be replaced perfectly in place of another.…

Q: What happens in the market for bike sharing if the supply of bikes increases by more than the demand…

A: An equilibrium cost, otherwise called a market-clearing cost, is the buyer cost doled out to a few…

Q: Suppose Harry, Darby, and Jake are the only demanders of sandwiches. Also suppose the following: •x…

A: Given: Current price = $3 Market supply = 4 sandwiches Slope of the supply curve = 2 x = 2 Price…

Q: What is Shortage & Surplus; graphically show and explain?

A: Shortage:-  A shortage exists when demand is greater than supply. It is a situation when the…

Q: Draw a supply and demand diagram to illustrate the effect on equilibrium price and quantity traded…

A: Inferior Goods  Inferior goods are considered as those goods in the economy, the demand of which is…

Q: Suppose the price of gasoline is $1.00. Will the quantity demanded be lower or higher than at the…

A: A market is a place where the buyers and the sellers will interact with each other and the exchange…

Q: When both supply and demand increase for a certain good, what would happen to the equilibrium price…

A: 1) When both demand and supply increase then their would be three cases Case 1: where the increase…

Q: One of the largest changes in the economy over the past several decades is that technological…

A: Since you have posted a question with multiple sub-parts,we will solve the first three sub-parts for…

Q: movie tickets and film streaming services are substitutes. If the price of film streaming increases.…

A: Market demand for a commodity changes with a change in consumer income, tastes and preferences,…

Q: Based on this graph,Calculate the consumer surplus from 500 pairs of shoes?

A: Consumer surplus is the measure of the price of a consumer's willingness to pay less actual price of…

Q: We often find that for major sporting events (playoffs, Super Bowl, etc.) the quantity of tickets…

A: Consumer surplus refers to the difference between the price that represents the maximum willingness…

Q: Why can't the laws of supply and demand be applied in all commodities and services?

A: The law of supply and demand explains how, all other things being equal, the price of a good…

Q: Say that a certain stadium for professional football has 70,000 seats. What is the shape of the…

A: As per law of supply if other factors remain constant, with the increase(↑) in price(P) quantity…

Q: The United States does not allow oranges from Brazil (the world's largest producer of oranges) to…

A: a) If the oranges from Brazil are sold in USA, the supply of oranges in USA would increase. This…

Q: there is a shortage off college basketball and football tickets for some game and surpluss occurs…

A: According to the law of demand when price decreases, consumers demand higher quantity. Similarly the…

Q: each case. If consumer income decreases and "road crew" wages fall, quantity will rise and prices…

A: a. Uncertain. In this case, the demand will fall due to decrease in consumer income. When crew wage…

Q: Cups of Coffee $6 $5 $4 $3 Demand $2 Osupply $1 $0 Quantity 1. According to the graph above, what is…

A: We have given the demand and supply curve of coffee cups. At a given price, if quantity demand is…

Q: Why doesn’t the change to equilibrium happen immediately when there is surplus in the market?

A: Demand: It refers to the quantity of a commodity that the consumer is willing and able to purchase…

Q: Consider the markets for film streaming services, TV screens, and tickets at movie theaters. a. For…

A: a) Film streaming and TV screens: These are complementary goods as films would be streamed at TV…

Q: This is the market for HOT CHOCOLATE, which is a normal good and is produced with cocoa beans. We…

A: Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts…

Q: The market for soccer balls is composed by 4 firms. Consider the following information on the…

A: The supply curve is the curve that shows the positive relationship between price and quantity…

Q: Goods A and goods B are related to each other, either being substitutes or complements. Now the…

A: i) A and B are substitutes  Two goods are substitutes if only one of them is consumed. When price of…

Q: Why can total surplus never fall below zero in a market for goods and services?

A: The total surplus in a market is a measure of the total wellbeing of all participants in a market.…

Q: Suppose the demand for tomato juice falls. 1.Producer surplus in the market for tomato juice____?…

A: Producer Surplus(PS) is defined as 'the area above the supply curve and below the price level'. In…

Q: Consider the market for cheese.  If the price of milk increases, what will be the consequences?…

A: All the goods in the market has a value. That value is paid by the consumers who wants to obtain the…

Q: Use the table below to answer the question that follows: Price Quantity Demanded Quantity…

A: Surplus states that when the quantity supplied in the market is greater then quantity demanded on…

Q: Above is the supply and demand graph in a market. Answer the following questions based on the graph:…

A: The equilibrium occurs where two curves intersect each other. It means the demand and supply are…

Q: If the demand for widgets is Qd = 90 - Pd and the supply of widgets is Q = Ps - 30, what is the…

A: The demand for widgets is Q_{d} = 90 - P_{d} and the supply of widgets is Q_{s} = P_{s} - 30

Q: Explain how an increase in income would affect demand for an inferior good and explain why giving an…

A: Inferior goods are those goods whose demand falls as the consumer's income rises.

Q: An increase (rightward shift) in the demand for a good will tend to cause: An increase in the…

A: The rightward shift in the demand curve can be seen in the graph below:

Q: equilibrium price, and then the demand curve for X shifts rightward. What is the likely outcome of…

A: A surplus exists in the market when the quantity supplied exceeds the quantity demanded. A shortage…

Q: 3. Asurplus is when there is more supply than there is demand. You can find it by subtracting the…

A: Surplus is the amount of a good which exists when quantity supplied is more than the quantity…