Find price where quantity demanded equals quantity supplied

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Demand for football tickets at a state university is Qd x = 80, 000−12, 000p. The capacity of the stadium at that university is 50,000 seats (In other words, Qs x = 50, 000). a. Find the marginal revenue curve that corresponds to the demand curve. b. Find the price where quantity demanded equals quantity supplied. 1 c. Solve for the revenue-maximizing quantity (hint: use the marginal revenue curve). What is the price associated with this quantity? Solve for the own-price elasticity of demand at the revenue-maximizing price. d. What is the intuition behind this pricing strategy?

Reference no: EM131005473

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