Pal\" I: \\ Palaglapn INI )lylei I: \\ :mllng 3. Suppose that the price of student basketball tickets at your college is determined by market forces. Currentli the demand and suiili schedules are as follows: $4 10,000 8,000 8 8,000 8,000 12 6,000 8,000 16 4,000 8,000 20 2,000 8,000 a. Draw the demand and supply curves. Why might the supply curve be shaped the way it is? b. What are the equilibrium price and quantity of tickets? 0. Suppose that the school decides to give away 2,000 student tickets to alumni for free instead of selling the tickets to students. What happens to the supply curve in this scenario? What are the new equilibrium price and quantity? How much money will the school gain/lose in this scenario compared to the original equilibrium you found in (a)