2. Imagine a college basketball team has the following supply and demand figures for a typical...
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2. Imagine a college basketball team has the following supply and demand figures for a typical game: Price 8 16 24 32 40 Quantity Demanded 28000 22000 16000 10000 4000 Quantity Supplied 16000 16000 16000 16000 16000 8. What is unusual about the supply curve? Why is this the case? b. Illustrate the supply and demand curves. What is the equilibrium price and quantity? C. Now imagine a big game brings an extra demand of 6,000 fans for each price level. Illustrate this and specify the new equilibrium price and quantity. 2. Imagine a college basketball team has the following supply and demand figures for a typical game: Price 8 16 24 32 40 Quantity Demanded 28000 22000 16000 10000 4000 Quantity Supplied 16000 16000 16000 16000 16000 8. What is unusual about the supply curve? Why is this the case? b. Illustrate the supply and demand curves. What is the equilibrium price and quantity? C. Now imagine a big game brings an extra demand of 6,000 fans for each price level. Illustrate this and specify the new equilibrium price and quantity.
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Related Book For
Macroeconomics Principles and Applications
ISBN: 978-1133265238
5th edition
Authors: Robert e. hall, marc Lieberman
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