Calculate the equilibrium price

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Reference no: EM131442859

Question: The market for baseball tickets at your college stadium, which seats 2,000, is the following:

621_Quantity demanded.png

a. What is the equilibrium price?

b. What is unusual about the supply curve?

c. At what prices would a shortage occur?

d. At what prices would a surplus occur?

e. Suppose that the addition of new students (all big baseball fans) next year will add 1,000 to the quantity demanded at each price. What will this increase do to next year's demand curve? What is the new equilibrium price?

Reference no: EM131442859

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