Question
The Superbowl will be held Miami.There are one thousand seats.The demand for tickets is: Qd = 6000 - 50p a.Suppose the NFL sets demand equal
The Superbowl will be held Miami.There are one thousand seats.The demand for tickets is:
Qd = 6000 - 50p
a.Suppose the NFL sets demand equal to supply.What price will they charge?
b.Suppose that the NFL sets the price equal to $50 per ticket.What is the excess demand/supply in this market?
c.Suppose that the NFL announces that tickets will be sold to the first one thousand waiting in line.The ticket office will open at ten in the morning.Suppose that the cost of waiting in line is $10 per hour for everybody.You are only allowed one ticket.On average how long will people wait in line?
d.Suppose that you are allowed to purchase two tickets.How long will people wait in line?
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Management and Cost Accounting
Authors: Colin Drury
8th edition
ISBN: 978-1408041802, 1408041804, 978-1408048566, 1408048566, 978-1408093887
