Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The table below shows the demand and supply for the World Cup Final game in the Luzhniki Stadium in Moscow. (5 Marks) Price ($) per

The table below shows the demand and supply for the World Cup Final game in the Luzhniki Stadium in Moscow. (5 Marks)

Price ($) per ticket Quantity Demanded 1 Quantity Supplied Quantity Demanded 2
150 129,000 99,000
200 119,000 99,000
250 109,000 99,000
300 99,000 99,000
350 89,000 99,000
400 79,000 99,000
450 69,000 99,000

a. If the organizers wish to ensure a sellout for the final game, the highest price per ticket they can charge is $. b. If the organizers decided to charge a price of $250 per ticket, there would be a (Click to select) shortage surplus of . c. Suppose that the demand for each game in the qualifying rounds is 20,000 less than for the final game. In the table above, show the demand for a qualifying round game in the column titled Quantity Demanded 2. d. If the organizers wish to ensure a sellout for each qualifying round game, the highestprice per ticketthey can charge is $.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Statistics For Business And Economics

Authors: James T. McClave, P. George Benson, Terry Sincich

13th Edition

134506596, 978-0134506593

Students also viewed these Economics questions