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3. In the market for baseball tickets, the equilibrium price is p* = 10, the equilibrium quantity is q = 40, and the price elasticity

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3. In the market for baseball tickets, the equilibrium price is p* = 10, the equilibrium quantity is q" = 40, and the price elasticity of supply is Es = 2.5. a. Find the supply function. 2 pts b. Suppose the demand changes to qp = 80 - 8p. Calculate the new equilibrium. 2 pts c. Use a graph to calculate the resulting change in social surplus. Is society better or worse off after this change? 3 pts

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