Eco 330 Supply And Demand Illustrate Graphically And State What Will Happen To Equilibrium Price And Quantity In Each Of 1 (44.9 KiB) Viewed 36 times
Eco 330 Supply And Demand Illustrate Graphically And State What Will Happen To Equilibrium Price And Quantity In Each Of 2 (39.42 KiB) Viewed 36 times
ECO 330 Supply and Demand Illustrate graphically and state what will happen to equilibrium price and quantity in each of the following markets. Assume a competitive market and an upward sloping supply curve. a. b. C. d. e. f. 9- h. i. Football Tickets: A lockout occurs and shortens the # of games in the season. (Fans are not disgruntled) Griffins Tickets: Red Wings ticket prices fall. (Assume Griffins and Red Wings games are substitutes.) Griffins Tickets: Population in Grand Rapids, MI surges rapidly. Basketball Tickets: A players strike occurs that causes fans to be disgruntled once the season resumes. Food inside a stadium: The cost of renting space in the stadium increases. Single A Baseball: Stadium Management groups offer dollar beer and dollar hot dog specials. Single A Baseball (an inferior good): The income of consumer's increases. Major League Baseball (a normal good): The income of consumer's increases. Texas Rangers Tickets: Globe Live Park, Texas Rangers' new climate-controlled ballpark opens. Tom Brady Jerseys: Brady wins the Superbowl (again).
Elasticity 1. 2. 3. If the Detroit Pistons raise their ticket prices and see ticket revenues fall (holding all else equal), is price elasticity of demand elastic or inelastic? Explain. At a price of $1000, Company BIG supplies and sells 1000 units. However, when the government imposes a price ceiling of $800, Company BIG supplies only 700 units but the quantity demanded increases to 1100 units. What is the price elasticity of supply and price elasticity of demand for Company Big products? How might Company Big distribute its 700 units? Is this an efficient way to allocate BIG products? Which team do you think faces the most elastic demand, the Grand Rapids Griffins or the Detroit Red Wings? Which of the determinants of price elasticity of demand support your answer? Which determinants do not support your answer?
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