Macroeconomics: Principles, Problems, & Policies
20th Edition
ISBN: 9780077660772
Author: Campbell R. McConnell, Stanley L. Brue, Sean Masaki Flynn Dr.
Publisher: McGraw-Hill Education
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Question
Chapter 3.A, Problem 3AP
Sub part (a):
To determine
Quantity of supply.
Sub part (b):
To determine
Price in the secondary market.
Sub part (c):
To determine
Total demand.
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Use the table below to answer the questions that follow.
Instructions: enter the full value.
1) if the table reflects the supply of and demand for tickets to a particular World Cup soccer game, what is the stadium capacity?
2) If the presnt ticket price is $45, would we expect to see a secondary market for tickets? Would the price of a ticket in the secondary market be higher than, the same as, or lower than the price in the primary ( original) market?
3) Suppose for some other World Cup game the quantity of tickets demanded is 20, 000 lower at each ticket price than shown in the table. If the ticket price remains $ 45, would the event be a sellout?
Quantity Demanded, thousands
price
Quantity supplied, thousands
80
$ 25
60
75
35
60
70
45
60
65
55
60
60
55
50
65
75
85
60
60
60
Use the table below to answer the questions that follow:a. If this table reflfl ects the supply of and demand for tickets to a particular World Cup soccer game, what is the stadium capacity?b. If the preset ticket price is $45, would we expect to see a secondary market for tickets? Explain why or why not. Would the price of a ticket in the secondary market be higher than, the same as, or lower than the price in the primary (original) market? c. Suppose for some other World Cup game the quantities of tickets demanded are 20,000 lower at each ticket price than shown in the table. If the ticket price remains $45, would the event be a sellout? Explain why or why not.
THIS IS FOR MATHEMATICAL ECONOMIC :
Question (2):
The market for disposable cell phones: Q = 2300 – 16p and Q = 1850 + 14p.
Find the equilibrium price and quantity.
Suppose that a new technology has emerged that will enable firms to mass produce the cell phones at a reduced cost. Which curve will be affected and what will be the general outcome?
Going back to question (b), if the new equilibrium price of a disposable cell phone is $11.25, how many disposable cell phones will be demanded by consumers? Derive the new function based on your analysis.
Suppose that more consumers prefer the disposable cell phone over the smart phone because the disposable cell phone is more durable than the smart phone. This latest news comes after the fact that firms that manufacture disposable cell phones have the latest technology integrated into their production facilities. What will be the market effect?
Going back to question (d), suppose that the price of a disposable cell phone is now set at…
Chapter 3 Solutions
Macroeconomics: Principles, Problems, & Policies
Ch. 3.A - Prob. 1ADQCh. 3.A - Prob. 2ADQCh. 3.A - Prob. 3ADQCh. 3.A - Prob. 4ADQCh. 3.A - Prob. 5ADQCh. 3.A - Prob. 6ADQCh. 3.A - Prob. 7ADQCh. 3.A - Prob. 1ARQCh. 3.A - Prob. 2ARQCh. 3.A - Prob. 3ARQ
Ch. 3.A - Prob. 4ARQCh. 3.A - Prob. 5ARQCh. 3.A - Prob. 6ARQCh. 3.A - Prob. 1APCh. 3.A - Prob. 2APCh. 3.A - Prob. 3APCh. 3.6 - Prob. 1QQCh. 3.6 - Prob. 2QQCh. 3.6 - Prob. 3QQCh. 3.6 - Prob. 4QQCh. 3 - Prob. 1DQCh. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - Prob. 1RQCh. 3 - Prob. 2RQCh. 3 - Prob. 3RQCh. 3 - Prob. 4RQCh. 3 - Prob. 5RQCh. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 1PCh. 3 - Prob. 2PCh. 3 - Prob. 3PCh. 3 - Prob. 4PCh. 3 - Prob. 5PCh. 3 - Prob. 6PCh. 3 - Prob. 7P
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