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The market for tickets to symphony can be described by the following demand and supply curve: Q D = 20 000- 90p, Q s =10

The market for tickets to symphony can be described by the following demand and supply curve: Q^D= 20 000- 90p, Q^s=10 000+110P

a)What are the equilibrium price and quantity in the ticket market? (2 marks)

Lovers of classical music persuade the government to impose a price ceiling of $40 per ticket. How many tickets are now sold in the market? Does this policy get more or fewer people to attend classical music concerts?

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