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uppose that the demand curve for tickets to the Metropolitan Opera for a performance of Carmen is as follows: Price of a ticket (dollars) Quantity
uppose that the demand curve for tickets to the Metropolitan Opera for a performance of Carmen is as follows: Price of a ticket (dollars) Quantity demanded 56 3,000 60 2,800 2,600 2,400 2,200 76 2,000 80 1,800 a. If the Metropolitan Opera House has 2,400 seats, and if it sets a price of $72 per ticket, will the house be full? If not, how many seats will be vacant? b. What is the equilibrium price of a ticket for this performance? c. What is the shape of the supply curve for tickets? d is there a "shortage" or "surplus" of tickets? In a free market, would the price of a ticket rise or fall
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