Question 37Table l: The demand schedule below pertains to sandwiches demanded per weekPiceAbed1.00$3.00Beld$5.00ChiRefer to Table #1. Suppose Alfred, Belinda, and Charissa are the only demanders of sandwiches. Also supposex-2 Then the slope of the indirect/inverse market demand curveO-2/5O 2/5O -5/2O 5/2

Table l: The demand schedule below pertains to sandwiches demanded per week A S00 Cha Refer to Table #1 Suppose Altred, Belinda, and Charissa are the only demanders of sandwiches Also supposex-2 Then the skope of the indirectinverse market demand curve O -2/5 O 2/5 O -5/2 O 5/2

Table l: The demand schedule below pertains to sandwiches demanded per week A S00 Cha Refer to Table #1 Suppose Altred, Belinda, and Charissa are the only demanders of sandwiches Also supposex-2 Then the skope of the indirectinverse market demand curve O -2/5 O 2/5 O -5/2 O 5/2

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 3TY

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Suppose that the price of basketball tickets at yourcollege is determined by market forces. Currently, thedemand and supply schedules are as follows:Price Quantity Demanded Quantity Supplied$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 8,000a. Draw the demand and supply curves. What isunusual about this supply curve? Why might thisbe true?b. What are the equilibrium price and quantity oftickets?c. Your college plans to increase total enrollmentnext year by 5,000 students. The additional students will have the following demand schedule:Price Quantity Demanded$4 4,000 tickets 8 3,000 12 2,000 16 1,000 20 0Now add the old demand schedule and thedemand schedule for the new students tocalculate the new demand schedule for theentire college. What will be the newequilibrium price and quantity?
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Suppose that the prie<> of basketball tickcts at yourcollege is determined by market forces. Currently. thedemand and supply schedules arc as follows:Price Quantity Demanded Quantity Supplied$4 10,000 tickets 8.000 tickets8 8,000 8,00012 6,000 8,00016 4,000 8,00020 2,000 8,000a. Draw the demand and supply curves. What isunusual about this supply curve? Why might thisbe true?b. \oVhat arc the equilibrium price and quantity oftickets?c. Your college plans to increase total enrollmentnext year by 5,000 students. 1he additional stu·dents will have the following demand schedule:Price Quantity Demanded$4 4,000 tickels8 3,00012 2,00016 1,00020 0Now add the old demand schedule and thedemand schedule for the new students tocalculate the ne\"' demand schedule for theentire college. What will be the newcquUibrium price and quantity?