Please answer 1 a,b,c,d and e aswell with 2. please be in depth with answers when asked. Show work if needed. Thank you
Problem Set #3 ECON 2206 11 points. Supply & Demand, Equilibrium, Shifting Curves 1. The table below shows the quantity of roller coaster tickets demanded every 15 minutes and the quantity of roller coaster tickets supplied every 15 minutes for the Steel Vengeance roller coaster at Class Action Park. a. Plot two lines on the following graph using the data in the table below. Be sure to mark out the units for each variable in consistent amounts corresponding with each line. First, pair Price data and Quantity Demanded data, plot those 5 points on the graph and draw a line connecting them. Next, pair Price data and Quantity Supplied, plot those 5 points and draw a line connecting them. Label supply curve with 51 and the demand curve with D1. Price Quantity Demanded Quantity Supplied $2 100 60 $4 30 60 $6 60 60 $8 40 60 $10 20 60 Price Tickets b. How is the supply curve different from other supply curves we have worked with so far? Why might this supply curve look like the one you've drawn? Explain your answer in the context of this problem. c. What are the equilibrium price and quantity of the tickets? Label with E1. d. Suppose that each roller coaster car holds 10 folks and the owner ofthe park purchases 2 more cars and puts them on the coaster. Is this a demand event or a supply event? (You may want to change the data in your table to reflect this change to find the new points to plot.) Draw any new demand or supply curves that results on our graph and identify the new equilibrium with E2. Estimate the new equilibrium price and quantity. e. Suppose mechanics nd that the two cars in part c have faulty couplers so they have to remove the cars from the roller coaster. Unfortunately, Class Action Park is getting a reputation of being very dangerous and the Department of Health no longer allows people under the age of 18 to attend. Suppose that people under the age of 18 have the following demand schedule for roller coaster rides at Class Action Park: Price Quantity Demanded $2 30 $4 20 $6 10 $8 0 $10 0 Using this information, use the above table to adjust the total quantity demanded for roller coaster tickets in the table from part a. What is the new equilibrium price and quantity of tickets? Be sure to use the original Supply curve, 51, here. Make a sketch of any new curves and identify the new equilibrium E3 on your graph. 2. Clearly explain the difference between an \"increase in quantity supplied" and an \"increase in supply.\" You may include a picture in your explanation, but be sure that you explain in words what is happening in the picture
