Business, 13.08.2020 01:01 neylabaker7489
Suppose that the demand for tickets to a concert, QD, is represented by the following equation, where P is the price of concert tickets and Q is the number of tickets sold: QD = 2500 – 20P The supply of tickets, QS, is represented by the equation: QS = –500 + 80P
a. Find the equilibrium price and quantity of concert tickets sold. Show your work
b. Carefully graph your results from part a.
c. Calculate the consumer surplus at the equilibrium price and quantity.
Answers: 3
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Suppose that the demand for tickets to a concert, QD, is represented by the following equation, wher...
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