1. The demand for tickets to the Daytona 500 NASCAR event is given by the equation @D =350,000 800P. The supply of tickets to the
1. The demand for tickets to the Daytona 500 NASCAR event is given by the equation @D =350,000 800P. The supply of tickets to the event is given by the capacity of the Daytona track, which is 150,000. a. What is the equilibrium price of tickets to the event? b. Graphically represent the market and the equilibrium. c. What is the price elasticity of demand at the equilibrium price? d. According to you, can optimal P be charged in the market such that revenue is maximized? [You can explain intuitively or mathematically]
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