Why is the selected price for the tickets better than other prices given in the table above?
Conduct research on the Internet, and choose one type of advancement in production technology.
August 4, 2017In two to three paragraphs discuss how your final display is a visual reflection of the combination of this content and process.
August 4, 2017Why is the selected price for the tickets better than other prices given in the table above?
(TO B) The supply and demand schedules for tickets to basketball games in town of Oak wood are given in the table below. (20 points)
|
Price |
Quantity Demanded
|
Quantity Supplied
|
|
$6
|
3,000
|
3,000
|
|
7
|
2,500
|
3,000
|
|
8
|
2,000
|
3,000
|
|
9
|
1,500
|
3,000
|
|
10
|
1,000
|
3,000
|
The stadium owners need to find the optimum price for the games.
(Part A) What are the coefficients of elasticity of supply and demand if the price is raised from $6 to $8? (8 points)
(Part B) Characterize the demand and supply for tickets based on the calculated elasticizes. (4 points)
(Part C) What is the optimum price that the stadium owners can set for the tickets? (4 points)
(Part D) Why is the selected price for the tickets better than other prices given in the table above? (4 points) ( Points:20)
