User Account

All Pages

Draw the demand and supply curves

Assignment Help Microeconomics
Reference no: EM13319779

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 Quantity Supplied

4 10,000 8,000

8 8,000 8,000

12 6,000 8,000

16 4,000 8,000

20 2,000 8,000

>20 0 8,000

Draw the demand and supply curves. What is unusual about this supply curve? Why might this be true? What are the equilibrium price and quantity of tickets?

Reference no: EM13319779

Questions Cloud

Explain how many moles of naoh must be added to 0.550 l : How many moles of NaOH must be added to 0.550 L of 0.191 mol/L HC3H5O2(aq) to obtain a solution with pH=4.7? Assume the temperature is 25oC. (For HC3H5O2, pKa=4.89 at 25oC).
What is this grand prize really worth : A lottery claims its grand prize is $10 million, payable over 20 years at $500,000 per year. If the first payment is made immediately, what is this grand prize really worth? Use a discount rate of 6%.
Utilize standard enthalpies of formation to determine : Use standard enthalpies of formation to determine Horxn for: 3NO2(g) + H2O(l) ? 2HNO3(aq) + NO(g) Enter in kJ. -133.5 Find the change in internal energy for this reaction.
Benefit of the activity greater than or equal to the margin : What type of externality (positive or negative) is present in each of the following examples? Is the marginal social benefit of the activity greater than or equal to the marginal benefit to the individual?
Draw the demand and supply curves : Draw the demand and supply curves. What is unusual about this supply curve? Why might this be true? What are the equilibrium price and quantity of tickets?
Is it a good idea for the monopolist to produce the 9th unit : A monopolist knows that in order to expand the quantity of output it produces from 8 to 9 units that it must lower the price of its output from $2 to $1. Calculate the quantity effect and the price effect
Explain the ph at the points in the titration : Calculate the pH at the points in the titration of 40.00 mL of 0.425 M NH3 for the reaction below. NH3(aq) + HNO3 ? NH4+(aq) + NO3?(aq) For NH3, Kb = 1.8x10-5. Enter your answer with 2 decimal places. Enter scientific notation as 1.23E4
Explain the ph at the half-neutralization point : The pH at the half-neutralization point. Enter only numbers in your answer. (Do not include units.) (d) The pH at the equivalence point.
Briefly describe the dilemma : Briefly describe the dilemma.

Reviews

Write a Review

Microeconomics Questions & Answers

  Describe opening of a coffee shop in downtown cookeville

Two employees will be hired at $10.00/hour/employee (including overhead and benefits). Each employee will work an average of 170 hours per month. The average revenue per customer is estimated at $7.00. The variable cost of serving each customer is..

  What are the consumer and producer surpluses when

Suppose the company initially has market power and acts as a monopolist. How many pills will the company sell and what price will it charge consumers?

  Effect of the global financial crisis

Determine the impact of global financial crisis of 2008-2009 on the economies of industrialised nations and emerging markets. Discuss what effect do problems like these have on attitudes towards free trade?

  Question on equations for is and lm curves

What are equations for IS and LM curves? What is equilibrium level of income and interest rate? What if mix of fiscal and monetary policies is changed. Te money supply is increased by 100 while government spending reduced by 250:

  Analyze major barrier for entry and exit in airline industry

Analyze the major barriers for entry and exit into the airline industry. Explain how each barrier can foster either monopoly or oligopoly. What barriers, if any, do you feel give rise to monopoly that will allow the government to become involved t..

  What does unlimited liability means

A recent market survey indicates that 84% of male teens aged 14-18 "possess a strong desire" to own a new model of off-road utility vehicle. The vehicle has a price-tag of approximately $29,000.

  Capstone paper assignment

The paper will involve examining a situation through the lens of the three-legged stool that your authors are developing.

  What is key independent variables

What is the question you want to use the dataset to try and answer? What is your key independent variable(s)?

  What happens to social welfare

What happens to social welfare (the sum of consumer surplus and producer profit) as a result of the threat of entry in this market? What happens to equilibrium price? What might this imply about the role of potential competition in limiting market..

  How the aggregate demand multiplier influence a recession

What is the most likely component of aggregate demand to start a recession? How does the aggregate demand multiplier influence a recession?

  Uses of the budget lines and indifference curves

When the price of X is $1 and the price of Y is $1 and income is I, Joe Panther spends $100 on good X. How many units of goods X and Y does Joe purchase before the price increase and finding the $100.

  Draw a supply-demand diagram of the kenyan mangoes market

Draw a supply-demand diagram of the kenyan mangoes market to illustrate both the autarky and free trade positions. make sure you use all the information presented in the some facts above?

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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