Suppose that the price of hockey tickets at your school is determined by market forces. Currently, the demand and supply schedules are as follows: Price Quantity Demanded Quantity Supplied $ 4 10 000 8000 8 8 000 8000 12 6 000 8000 16 4 000 8000 20 2 000 8000 a. Draw the demand and supply curves. What is unusual about this supply curve? Why might this be true? (Explain in 1-3 sentences.) What is the elasticity of this supply curve? [10%=(5+2+3+1)%] b. What are the equilibrium price and quantity of tickets? Label E the equilibrium point in your graph. (5%) c. Your school plans to increase total enrollment next year by 5000 students. The additional students will have the following demand schedule : Price Quantity Demanded Now add the old demand schedule and the $ 4 4 000 demand schedule for the new students to 8 3 000 calculate the new demand schedule for the entire school. Show the new total demand 12 2 000 schedule in your graph (of question (a). 16 1 000 What will be the new equilibrium price and 20 0 quantity? (10%=7+3) d. Consider only the demand schedule. Calculate the Price related Elasticity coefficient of this last demand curve when the price changes from $8 to $12 (show your calculations). (10%)