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Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364

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BuyFindarrow_forward

Principles of Economics 2e

2nd Edition
Steven A. Greenlaw; David Shapiro
ISBN: 9781947172364
Textbook Problem

Table 3.10 shows the supply and demand for movie tickets in a city. Graph demand and supply and identify the equilibrium. Then calculate in a table and graph the effect of the following two changes.

a. Three new nightclubs open. They offer decent bands and have no cover charge, but make their money by selling food and drink. As a result, demand for movie tickets falls by six units at every price.

b. The city eliminates a tax that it placed on all local entertainment businesses. The result is that the quantity supplied of movies at any given

price increases by Chapter 3, Problem 56P, Table 3.10 shows the supply and demand for movie tickets in a city. Graph demand and supply and , example  1

Chapter 3, Problem 56P, Table 3.10 shows the supply and demand for movie tickets in a city. Graph demand and supply and , example  2

a)

To determine

The effect of change in the graph in a situation where the demand for movie tickets falls by 6 units at every price.

Explanation

The graph with changed quantity demanded can be represented as below:

b)

To determine

The effect of increase in quantity supplied by 10% on each unit.

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