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a. Suppose that Eastern University wins the 2017 college basketball championship. As a result, Eastern U’s...

a. Suppose that Eastern University wins the 2017 college basketball championship. As a result, Eastern U’s fans increase their demand for tickets for the 2018 season. Eastern U. plays in an arena that seats 7,000 people, but they never sell out. Describe the supply of basketball tickets at Eastern U. and draw a supply curve for tickets. What is the price elasticity of supply? Why? b. Eastern U.’s economist has calculated the price elasticity of demand for tickets to be -1.75. Eastern U.’s president is committed to increasing the total revenue collected by the university. To do so, should Eastern U raise or lower its ticket prices? Why?
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