Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedules are as follows:Price Quantity Demanded (Qd) Quantity Supplied (Qs)$4 10,000 tickets 8,000 tickets$8 8,000 8,000$12 6,000 8,000$16 4,000 8,000$20 2,000 8,000Required:a. Draw the demand and supply curves. What is unusual about this supply curve? Why might this be true?b. What are the equilibrium price and quantity of tickets?c. The college plans to increase total enrollment next year by 5,000 students. The additional students will have the following demand schedules: Price Quantity Demand (Qd)$4 4000 tickets$8 3000$12 2000$16 1000 $20 0. Required:d. Now add the old demand schedule and the
demand schedule for the new students to
calculate the new demand schedule for the
entire college. What will be the new
equilibrium price and quantity?
Answers: 3
Business, 22.06.2019 11:40
On coral island in 2012, the labor force is 12,000, the unemployment rate is 10 percent, and the labor force participation rate is 60 percent. during 2013, 200 unemployed people found jobs and the working-age population increased by 1,000. the total number of people in the labor force did not change. the working-age population at the end of 2013 was the unemployment rate at the end of 2013 was round up to the second decimal. the labor force participation rate at the end of 2013 was round up to the second decimal.
Answers: 1
Business, 22.06.2019 19:50
Right medical introduced a new implant that carries a five-year warranty against manufacturer’s defects. based on industry experience with similar product introductions, warranty costs are expected to approximate 2% of sales. sales were $8 million and actual warranty expenditures were $42,750 for the first year of selling the product. what amount (if any) should right report as a liability at the end of the year?
Answers: 2
Business, 22.06.2019 20:50
1. which one of the following would be an example of a supply-side market failure? a. a gas station is slowly leaking diesel fuel from its underground tanks, and after the leak is discovered, the business immediately cleans up the pollution at its own expense. b. a gas station is slowly leaking diesel fuel from its underground tanks, but the state uses taxpayer money to clean up the pollution rather than requiring the business to pay. c. your business wants to attract repeat customers by putting on a customer-appreciation picnic at a public park, but you decide not to because you couldn't prevent noncustomers from consuming the food and entertainment you provided. d. everyone rushes to the local retail outlet at midnight on the day of the release of a new video game console, and the store runs out before everyone is able to buy one.
Answers: 1
Business, 23.06.2019 01:00
As more people migrated west during the gold rush, what do you think happened to the demand curve in most western markets, holding all else constant? a. there was no shift, nor any increase or decrease in quantity demanded. b. there was no shift, but there was a decrease in quantity demanded. c. the demand curve shifted to the left. d. the demand curve shifted to the right. e. there was no shift, but there was an increase in quantity demanded.
Answers: 2
Suppose that the price of basketball tickets at your college is determined by market forces. Current...
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