Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
12th Edition
ISBN: 9780134421315
Author: Karl E. Case, Ray C. Fair, Sharon E. Oster
Publisher: PEARSON
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Chapter 3, Problem 5.2P
Subpart (a):
To determine
Subpart (b):
To determine
Pricing policy for changing demand.
Subpart (c):
To determine
Pricing policy of ticket.
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3.2. The stadium of the MANU has 30 seats. The demand curve for tickets has a price intercept of $36 and a quantity intercept of 72.3.2.1. Draw the supply and demand curves to scale (in Excel and copy it to your word answer-This demand curve has the form P = 36−0.5×Q.)
3.2.2. Determine the equilibrium admission price, and the amount of revenue generated from ticket sales for eachgame.
3.2.3. A local alumnus and benefactor offer to install 6 more seats at no cost to the University. Compute the price that would be charged with this new supply and compute the revenue that would accrue at this new equilibrium price. Should the MANU accept the offer to install the seats?
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Hello please answer 5 and 6
Use the attached graph #2 to model the following.
What is the price and quantity of this market? Price is 14.00 quantity is 250 units
Is this a competitive market or monopoly? Monopoly market
What is the profit or loss in this market for this firm? Profit of 2,500.00
What is the deadweight loss in this market, if any? Deadweight loss $100.00
In this market the demand curve is what?
Short run
Long run
In this market the supply curve is what?
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Long run
Chapter 3 Solutions
Principles of Microeconomics, Student Value Edition Plus MyLab Economics with Pearson eText -- Access Card Package (12th Edition)
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