What is the market demand function for softball tickets

Reference no: EM133436043

Assignment:

The market for tickets to last year's College softball games consists of two groups of consumers. Let x1 denote the demand for tickets by fans of one of the visiting teams, and let x2 denote the demand for tickets by Students who enjoy the event. Let the price of the ticket be denoted by px, and suppose that everyone who purchases a ticket pays the same price. The demand functions of the two consumer groups have been determined as follows. There are 126000 seats available in the stadium (thus(a) X=15)

x1 = 9 -px/2

x2 = 9- px/4

(a) What is the market demand function for softball tickets, as a function of px? (Remember that demand cannot be negative for either consumer group.)

(b) If the school was required to sell tickets to visitors at the same price as Students, what would the price for tickets be?

(c) Suppose that, at the ticket price chosen by the College, the price elasticity of demand for consumers in group 1 is -1/2. What is the price elasticity of demand for consumers in group 2?

Reference no: EM133436043

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