Question

Suppose the demand for football tickets at a local college is QD = 100,000-500P and the supply of tickets is Q30,000 The market equilibrium price is $ 140 and the equilibrium quantity is 30000 tickets. (Enter your responses as whole numbers.) Total economic surplus in this market is S(Enter your response as a whole number.)

0 0
Add a comment Improve this question Transcribed image text
Answer #1

00,000-5DD3, 0 500 30,000 a30,000

Add a comment
Know the answer?
Add Answer to:
Suppose the demand for football tickets at a local college is QD = 100,000-500P and the...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Suppose the demand for football tickets at a local college is Q100,000-500P and the supply of...

    Suppose the demand for football tickets at a local college is Q100,000-500P and the supply of tickets is Q- 30,000. The market equilibrium price is $ 140 and the equilibrium quantity is 30000 tickets. (Enter your responses as whole numbers.) Total economic surplus in this market is $. (Enter your response as a whole number.)

  • 1 Suppose the demand for shoes is given by: QD= 210 -2P. The supply of shoes...

    1 Suppose the demand for shoes is given by: QD= 210 -2P. The supply of shoes is given by: QS= 9P -120. Calculate the Gains from Trade (also known as Economic Surplus) that would exist in this market in a competitive equilibrium. 2 Suppose the demand for jackets was given by: QD= 140 -0.4P. The supply of jackets is given by: QS= 4P -80. Suppose the price was $49 per jacket. Calculate whether there is a surplus or shortage of...

  • There is a shortage of college basketball and football tickets for some games, and a surplus...

    There is a shortage of college basketball and football tickets for some games, and a surplus occurs for other games The following graph shows the market for the football team home games. Suppose that your favorite football team has a stadium that seats 15,000 people and that for every game during the season, the football team administrators charge $15 for tickets. The demand curve for the tickets for the top-of-the-league games is labeled DTop and the demand curve for the...

  • Suppose demand and supply are given by Qd = 50 - P and Qs  = 0.5P -...

    Suppose demand and supply are given by Qd = 50 - P and Qs  = 0.5P - 10. a. What are the equilibrium quantity and price in this market? Equilibrium quantity: Equilibrium price: b. Determine the quantity demanded, the quantity supplied, and the magnitude of the surplus if a price floor of $48 is imposed in this market. Quantity demanded: Quantity supplied: Surplus: c. Determine the quantity demanded, the quantity supplied, and the magnitude of the shortage if a price ceiling...

  • Suppose demand and supply are given by Qd = 60 – P and Qs = P...

    Suppose demand and supply are given by Qd = 60 – P and Qs = P -20 What are the equilibrium quantity and price in this market? Determine the quantity demanded, the quantity suppled, and the magnitude of the surplus id a price floor of $50 is imposed in this market. Determine the quantity demanded, the quantity suppled, and the magnitude of the shortage if a price celling of $32 is imposed in this market. Also determine the full economic...

  • Suppose demand and supply are given by Qd = 60 – P and Qs = P...

    Suppose demand and supply are given by Qd = 60 – P and Qs = P -20 What are the equilibrium quantity and price in this market? Determine the quantity demanded, the quantity suppled, and the magnitude of the surplus id a price floor of $50 is imposed in this market. Determine the quantity demanded, the quantity suppled, and the magnitude of the shortage if a price celling of $32 is imposed in this market. Also determine the full economic...

  • C) Suppose that the demand and supply for pizza on a college campus is given by Demand: Qd 20,000...

    c) Suppose that the demand and supply for pizza on a college campus is given by Demand: Qd 20,000 1,000P Supply: Qs 2,000P - 10,000 Where Qd is demand, Qs is supply and P is the price per pizza in dollars. Please put your numerical answers to each part of this question in the table below. Write your explanation in your exam book. I book. a) Solve for the equilibrium price and quantity, consumer and producer surplus, and DWL. Explain...

  • Text Exercise 5.4 Question Help- Suppose that the demand curve for wheat is Q-100-10p and that...

    Text Exercise 5.4 Question Help- Suppose that the demand curve for wheat is Q-100-10p and that the supply curve is Q 10p What are the effects of a subsidy (negative tax) of s2 per unit paid to producers on the equilbrium, govemment subsidy cost, consumer surplus (CS) producer surplus (PS), welfare (W), and deadweight loss (DWL? With the subsidy, the equilibrium price is $4 and the equilibrium quantity is 60 units (Enter your responses as whole numbers) The cost of...

  • Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedules are as follows:

    11. Problems and Applications Q11Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedules are as follows:PriceQuantity DemandedQuantity Supplied(Dollars)(Tickets)(Tickets)415,0008,000812,0008,000128,0008,000166,0008,000203,0008,000Use the blue points (circle symbol) to graph the demand for basketball tickets. Then use the orange points (square symbol) to graph the supply of tickets. Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in this market.Original DemandSupplyOriginal EquilibriumNew DemandNew Equilibrium0246810121416182020181614121086420Price of Tickets (Dollars)Quantity of...

  • Suppose the market demand is described as P = 15 - Qd: , while the market...

    Suppose the market demand is described as P = 15 - Qd: , while the market supply function is: P = 3 + Qs/11. Suppose the current market is at equilibrium. What is the producer surplus? (Hint: You need to calculate market equilibrium price and equilibrium quantity.)   11 8 6 5.5 What is the total surplus? 44 60.5 66 72.5

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
Active Questions
ADVERTISEMENT