Illustrate the relevant surplus or shortage

Assignment Help Macroeconomics
Reference no: EM13222402

In this year's SuperBowl, the Green Bay Packers will face the Pittsburgh Steelers in Arlington Texas. Tickets are available on web sites such as StubHub starting at approximately $1,000 per ticket, with prices rising significantly based on seat location in the stadium. As with many high-profile sporting events, in addition to legal brokerage web sites, there will likely be scalpers who will try to sell tickets to fans on the day of the event, and at prices likely to be significantly higher than those posted online today. Using a supply-and-demand graph, sketch the supply of SuperBowl tickets and demand for tickets (to simplify the graph, you may assume that seats are of similar quality). Explain why the market for SuperBowl tickets is not able to reach "equilibrium". On your graph, illustrate the relevant surplus or shortage.

Reference no: EM13222402

Questions Cloud

How would you characterize best buy competitive strategy : Should it be classified as a low-cost provider strategy? A differentiation strategy? A best-cost strategy? Explain your answer in 250 words or more.
Explain reactions involves neither oxidation nor reduction : Which of the following reactions involves neither oxidation nor reduction?explain
How is emotional intelligence different from labour : How is emotional intelligence (EQ) different from "emotional labour" and how is EQ measured and present a critical evaluation of this case and evaluate whether this is a convincing account of how emotional intelligence is used in the workplace?
Explain an alternative procedure that uses k2co3 : There is an alternative procedure that uses K2CO3 instead of NaOEt; why can NaOEt or K2CO3 be used for the phenacetin synthesis
Illustrate the relevant surplus or shortage : In this year's SuperBowl, the Green Bay Packers will face the Pittsburgh Steelers in Arlington Texas. Tickets are available on web sites such as StubHub starting at approximately $1,000 per ticket, with prices rising significantly based on seat lo..
Define how many vitamin c molecules are contained in table : A vitamin tablet contains 789 mg of vitamin C (C6H8O6). How many vitamin C molecules are contained in the tablet? Enter your answer in scientific notation.
What are beliefs about compromise as a conflict resolution : What are your beliefs about compromise as a conflict resolution technique?
Which purposes of performance management did the appraisals : Which purposes of performance management did the appraisals described in this case fulfill? Which purposes did they not fulfill?
Depict and describe the mechanism of reaction : Draw and describe the mechanism of reaction (using arrows for electron pushing), is it SN1, SN2, E1 or E2? Does the acetaminophen have to deprotonate to the phenolate before reacting?

Reviews

Write a Review

Macroeconomics Questions & Answers

  Milton friedman faiths in a steady growth monetary policy

Milton Friedman faiths in a steady growth monetary policy. Illustrate what does that mean and critique this approach.

  Government to pretend in ways which socialize financial

Is it ethical for a government to pretend in ways which socialize financial risks or losses.

  What are the advantages and disadvantages of breaking up

What are the advantages and disadvantages of breaking up these sport cartels? Explain.

  Computation of real gdp economic growth

Given table of data comprising real GDP and its components over a number of years, compute compound annual percentage changes in real GDP (economic growth) and compute the shares in real GDP of consumption.

  Calculate the economic profit in the nightclub business

This year the owner, who had invested $1 million in the club, decided to close the club. what can you say about economic profit and the rate of return in the nightclub business.

  Difference among economic profits and accounting profits

Elucidate the difference between economic profits and accounting profits. Using the concepts of relative elasticity and relative inelasticity, explain price elasticity of demand.

  What is the dollar amount of excess reserves

What is the dollar amount of excess reserves and by what dollar amount can this bank safely expand its loans?

  Calculate the company optimal profit and return

Allied Box offers mail order storage containers for fine china producers. The firm is low-cost provider of these boxes with fixed cost of $480,000 per year,

  How long will you need to culture the cells

You are cultivating a strain of E. coli for research and inoculate a flask of rich media with 50 cells. Assuming an exponential growth rate of 2.5 cells/hour and that you need 1,000,000 cells for your analysis, how long will you need to culture t..

  Give an example of a fairly major purchasing decision

Give an example of a fairly major purchasing decision you've made in your lifetime. How did you justify the purchase.

  Future exchange rate among the united states and egypt

Address whether any of these are a factor when looking at the future exchange rate among the United States and Egypt.

  What effect should factors by themselves have on export

if unit labor costs in Spain and Portugal rise, but unit labor costs in Germany decline and other producer prices remain unchanged, what effect should these factors by themselves have on export trade and why

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd