Question
11. Problems and Applications Q11 Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply
11. Problems and Applications Q11
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 (Dollars) | Quantity Demanded (Tickets) | Quantity Supplied (Tickets) |
| 4 | 12,000 | 10,000 |
| 8 | 10,000 | 10,000 |
| 12 | 8,000 | 10,000 |
| 16 | 7,000 | 10,000 |
| 20 | 6,000 | 10,000 |
Use the blue points (circle symbol) to graph the demand for basketball tickets. Then use the orange points (square symbol) to graph the supply of tickets. Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in this market.
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Microeconomics Principles, Problems and Policies
Authors: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn
20th edition
978-0077660819, 77660811, 978-1259450242
