7. The Seattle Mariners baseball team wishes to determine the equilibrium price for seats for each of the next two seasons. The supply of seats at the ballpark is fixed at 45,000.

Draw the supply curve and each of the demand curves for years 1 and 2.

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Price Quantity demanded Quantity demanded Quantity (per seat) In year 1 In year 2 supplied $25 75,000 60,000 45,000 30 60,000 55,000 45,000 35 45,000 50,000 45,000 40 30,000 45,000 45,000 45 15,000 40,000 45,000