NOTE: ANSWER NO. 4 ONLY, LAST SUBPART. 3. Your college plans to increase total enrollment next fear by 5,000 students. Theadditional students will have the following demand schedule:New demand and supply schedule -Prices Demand Supply1400080001100080008000800050008000200080004812Price$481216201620Equilibrium Price would be = 8000& Corresponding quantity = 12Quantity Demanded4,000 tickets3,0002,0001,00004. Add the old demand schedule and the demand schedule for the new students tocalculate the new demand schedule for the entire college. What will be the newequilibrium price and quantity? Suppose that the price of basketball tickets at your college is determined by marketforces. Currently, the demand and supply schedules are as follows:Price$4812162025201. Draw the demand and supply curves. What is unusual about this supply curve?151050Quantity Demanded10,000 tickets8,0006,0004,0002,000020004000Quantity Supplied8,000 tickets8,0008,00060008,0008,0008000-Demand Sheet1!$I$8-Supply1000012000Strange thing about supply curve is that its horizontal in nature which implies thatthere is no change in supplied amount with prices.2. What are the equilibrium price and quantity of tickets?Equilibrium level is achieved where demand & supply curve intersect.Therefore, Equilibrium Price = 8Equilibrium Quantity = 8000

The distribution of the goods is ideal in a free economy. When a commodity's supply and demand are…

Answered: 4. Add the old demand schedule and the…

4. 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?

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Normal and Inferior Goods

Understanding a normal good and an inferior good is important because it tells us what will happen to demand different products during booms and recessions.

Question

NOTE: ANSWER NO. 4 ONLY, LAST SUBPART.

3. Your college plans to increase total enrollment next fear by 5,000 students. The
additional students will have the following demand schedule:
New demand and supply schedule -
Prices Demand Supply
14000
8000
11000
8000
8000
8000
5000
8000
2000
8000
4
8
12
Price
$4
8
12
16
20
16
20
Equilibrium Price would be = 8000
& Corresponding quantity = 12
Quantity Demanded
4,000 tickets
3,000
2,000
1,000
0
4. 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?

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
$4
8
12
16
20
25
20
1. Draw the demand and supply curves. What is unusual about this supply curve?
15
10
5
0
Quantity Demanded
10,000 tickets
8,000
6,000
4,000
2,000
0
2000
4000
Quantity Supplied
8,000 tickets
8,000
8,000
6000
8,000
8,000
8000
-Demand Sheet1!$I$8-Supply
10000
12000
Strange thing about supply curve is that its horizontal in nature which implies that
there is no change in supplied amount with prices.
2. What are the equilibrium price and quantity of tickets?
Equilibrium level is achieved where demand & supply curve intersect.
Therefore, Equilibrium Price = 8
Equilibrium Quantity = 8000

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