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information/references :

F. DETERMINE THE COEFFICIENT OF PRICE ELASTICITY OF DEMAND AT A PRICE WHERE SURPLUS OF 2,000 TICKET EXIST BASED ON NEW DEMAND EQUATION F.1: To Solve for P1 F.2: To Solve for Q1 F.3: To Solve for P2 as = Qd Qd=17,000 - 500P Qs = Qd+Change In demand 8,000 + OP = 17,000 - 500P Qd=17,000 -500(18) 8,000 + OP = 17,000-500P + 2,000 OP + 500P = 17,000 -8,000 Qd=17,000-9,000 OP + 50OP = 17,000 - 8,000 + 2,000 50OP - 9,000 Qd=17,000-9,000 50OP = 11,000 500P/500 - 9,000/500 500P/500 = 11,000/500 Q1 8,000 P1-18 P2-22 F.4: To Solve for Q2 F.5: To solve for coefficient of price elasticity of demand: Qd=17,000 - 500p + 2,000 Ep= [(Q2-Q1)/[P2-P1)] (P1/Q1) Qd=17,000 - 500(22) + 2,000 Ep= [(8,000-8,000)/22-18)] (18/8000) Qd=17,000 - 11,000 + 2,000 Ep= (0/4) (0.00225) Qd=17,000 -11,000 + 2,000 Ep= 0.00225 OR 0.00225%% Q1-8,000