Question
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 $.
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