Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedules are as follows: Price $4 8 12 Quantity Demanded 10,000 tickets 8,000 6.000 Quantity Supplied 8,000 tickets 8,000 8.000
Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedules are as follows: Price $4 8 12 Quantity Demanded 10,000 tickets 8,000 6.000 Quantity Supplied 8,000 tickets 8,000 8.000
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN:9781285165875
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter4: The Market Forces Of Supply And Demand
Section: Chapter Questions
Problem 11PA
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Question
![Suppose that the price of basketball tickets at your college
is determined by market forces. Currently, the demand and
supply schedules are as follows:
Price
$4
#82620
12
16
Price
$4
8
Quantity Demanded
10,000 tickets
8,000
6,000
4,000
2,000
1. Draw the demand and supply curves. What is unusual
about this supply curve?
2. What are the equilibrium price and quantity of tickets?
3. Your college plans to increase total enrollment next year
by 5,000 students. The additional students will have the
following demand schedule:
12
16
20
Quantity Supplied
8,000 tickets
8,000
8,000
Quantity Demanded
4,000 tickets
3,000
2,000
1,000
0
8,000
8,000
4. Add the old demand schedule and the demand schedule
for the new students to calculate the new demand schedule
for the entire college. What will be the new equilibrium
price and quantity?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff608078b-bc48-4e4b-9c9f-c617c467c653%2Ff6ebb34f-72bc-4146-bd7a-5cfe1e0184b9%2Flxffw5_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Suppose that the price of basketball tickets at your college
is determined by market forces. Currently, the demand and
supply schedules are as follows:
Price
$4
#82620
12
16
Price
$4
8
Quantity Demanded
10,000 tickets
8,000
6,000
4,000
2,000
1. Draw the demand and supply curves. What is unusual
about this supply curve?
2. What are the equilibrium price and quantity of tickets?
3. Your college plans to increase total enrollment next year
by 5,000 students. The additional students will have the
following demand schedule:
12
16
20
Quantity Supplied
8,000 tickets
8,000
8,000
Quantity Demanded
4,000 tickets
3,000
2,000
1,000
0
8,000
8,000
4. Add the old demand schedule and the demand schedule
for the new students to calculate the new demand schedule
for the entire college. What will be the new equilibrium
price and quantity?
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