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Problem #3 Use the following graph of the market for basketball tickets at State University to answer the questions. S Price $15 D 15,000 Quantity

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Problem #3 Use the following graph of the market for basketball tickets at State University to answer the questions. S Price $15 D 15,000 Quantity 1. What is the price elasticity of supply? 2. Suppose the basketball team at State University goes undefeated in the first half of the season, and the demand for basketball tickets increases. Show the effects of this increase in demand on the graph. What happens to the equilibrium price and quantity of tickets

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