**Question 11 of 12**13. In January 2018, the online ticket market StubHub reported record high average prices for Super Bowl tickets as the Minnesota Vikings advanced through the playoffs and were one game away from playing in the Super Bowl in their home stadium in Minneapolis. However, when the Vikings lost to the Eagles in the last game before the Super Bowl, ticket prices plummeted.Please adjust the graph to illustrate why prices for Super Bowl tickets on StubHub dropped after the Vikings lost.**Graph Explanation:**The graph titled "Market for Super Bowl Tickets" is a basic supply and demand graph. It includes two intersecting lines:- **Supply Line:** An upward sloping line indicating the relationship between the price of tickets (on the vertical axis labeled as "Price (Thousands of dollars)") and the quantity supplied.- **Demand Line:** A downward sloping line indicating the relationship between the price and the quantity demanded.The intersection of the supply and demand lines represents the equilibrium point, where the quantity of tickets demanded equals the quantity supplied at a certain price level. The graph visually demonstrates the market dynamics influencing ticket prices. As demand decreases (such as after the Vikings' loss), the demand curve shifts left, leading to lower prices.

The equilbrium price and quantity of a good sold in the market are determined by the forces of…

Answered: 13. In January 2018, the online ticket…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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