Refer to the information and assume the stadium capacity is 5,000. If the Mudhens' management wanted...
Refer to the information and assume the stadium capacity is 5,000. If the Mudhens' management wanted a full house for the game, it would
| Price per Ticket | Quantity Demanded |
| $13 | 1,000 |
| 11 | 2,000 |
| 9 | 3,000 |
| 7 | 4,000 |
| 5 | 5,000 |
| 3 | 6,000 |
A.set price so as to maximize its total revenue.
B.encourage scalpers to sell their tickets for more than $7.
C.set ticket prices at $5.
D.set ticket prices at $9.
Homework Answers
Answer
The equilibrium is at Qd=Qs
and the full house is where the quantity demanded equals quantity
supplied which is 5000, so the price is $5
the management will set the price equal to $5
option C
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