ALL QUESTIONS ANSWERED TO 2 DECIMALS Spears Gill owns the New York Pythons, A professional Math team. Each time the team plays in Pythons Stadium it costs Spears $179,000 for rent, staffing, stadium preparation, etc. Current ticket prices for a Pythons home game are $30 per ticket, and an average game draws 7500 fans which is only 50% the Stadium's capacity. Since Spears studied economics he knows that the market for Math games in New York is not at equilibrium. Ticket Price 26- 24 4800 6400 8000 9600 Number of Tickets Sold USE CHART ABOVE AND TABLE BELOW TO ANSWER FOLLOWING QUESTIONS, (3 Points) What is the Equilibrium Price? |30 What is the Equilibrium Quantity? 7500 What needs to occur for equilibrium to be reached(ref question for current situation)? Price Increases, No Change in Quanitity Demanded Price Decreases, Quantity Demanded Increases No Change in Price, Quantity Supplied Decrease Price Increases, Quantity Supplied Decrease TABLE 1: Fill out the table (9 Points) Ticket Quantity demanded Quantity Supplied Elasticity of Demand Elasticity Price (No Neg. Numbers) USE (I for Inelastic, U for Unit (From Prev. Price) E for Elastic) 29 9750 8703 30 9000 000 31 8250 9303 32 7500 9603 008000 33 6750 9903 34 6000 10203 35 5250 1050 Indicate the change in price and quantity for the shown event in bold. (6 Points) The price of Rugby tickets has increased, Rugby are considered a substitute good. Quantity: Increase Uncertain Decrease Unchanged Price: Uncertain Decrease Unchanged Increase The cost of playing the sport has lowered interest in attending Pythons Games. Quantity: O Uncertain Decrease Increase O Unchanged Price: O Increase Uncertain O Unchanged Decrease