Maxim Smith owns the Calgary Quick Bees, A professional Soccer team. Each time the team plays in Quick Bees Stadium it costs Maxim $167 comma 000 for rent, staffing, stadium preparation, etc. Current ticket prices for a Quick Bees home game are $30 per ticket, and an average game draws 7790 fans which is only 41% the Stadium's capacity. Since Maxim studied economics he knows that the market for Soccer games in Calgary is not at equilibrium.

Ticket Price 24- 22- 6000 8000 10000 12000 Number of Tickets Sold USE CHART ABOVE AND TABLE BELOW TO ANSWER FOLLOWING QUESTIONS (3 Points) What is the Equilibrium Price? What is the Equilibrium Quantity? What needs to occur for equilibrium to be reached(ref question for current situation)? No Change in Price, Quantity Demanded Increase Price Increases, No Change in Quanitity Demanded O Price Decreases, Quantity Supplied Decreases Price Increases, Quantity Demanded IncreaseTABLE 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) 27 10640 7168 30 9690 7965 33 8740 8740 36 7790 9558 39 6840 10354 42 5890 11151 45 4940 11947