Homework Answers
a. if the organisers wants to ensure a complete sell out for the final game the highest price per ticket they can charge is $400 since this is the highest price where all Quantity supplied ticket is demanded for.
b. if the organisers decided to charge $250 per ticket there would be an excess demand of 30000 ticket (139000 - 109000)
c.
| Price per ticket | Quantity Demanded 2 |
| 150 | 139000 |
| 200 | 129000 |
| 250 | 119000 |
| 300 | 109000 |
| 350 | 99000 |
| 400 | 89000 |
| 450 | 79000 |
d.
if the organisers wants to ensure a complete sell out for the Qualifying round game the highest price per ticket they can charge is $300 since this is the highest price where all Quantity supplied ticket is demanded for.
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(decrease or increase) until the quantity demanded
and quantity supplied are equal. The result is an equilibrium
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market is currently experiencing a (surplus or
shortage). In order to adjust, the market price will
(decrease or increase) until the quantity demanded
and quantity supplied are equal. The result is an equilibrium
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_________.
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