Illustrate graphically and state what will happen to equilibrium price and quantity in each of the following markets. As
Posted: Wed Jul 06, 2022 6:18 pm
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.Football Tickets: A lockout occurs and shortens the # of games in the season. (Fans are not disgruntled)
b.Griffins Tickets: Red Wings ticket prices fall. (Assume Griffins and Red Wings games are substitutes.)
c.Griffins Tickets: Population in Grand Rapids, MI surges rapidly.
d.Basketball Tickets: A players strike occurs that causes fans to be disgruntled once the season resumes.
e.Food inside a stadium: The cost of renting space in the stadium increases.
f.Single A Baseball: Stadium Management groups offer dollar beer and dollar hot dog specials.
g.Single A Baseball (an inferior good): The income of consumer’s increases.
j.Tom Brady Jerseys: Brady wins the Superbowl (again).
Assume a competitive market and an upward sloping supply curve.
a.Football Tickets: A lockout occurs and shortens the # of games in the season. (Fans are not disgruntled)
b.Griffins Tickets: Red Wings ticket prices fall. (Assume Griffins and Red Wings games are substitutes.)
c.Griffins Tickets: Population in Grand Rapids, MI surges rapidly.
d.Basketball Tickets: A players strike occurs that causes fans to be disgruntled once the season resumes.
e.Food inside a stadium: The cost of renting space in the stadium increases.
f.Single A Baseball: Stadium Management groups offer dollar beer and dollar hot dog specials.
g.Single A Baseball (an inferior good): The income of consumer’s increases.
j.Tom Brady Jerseys: Brady wins the Superbowl (again).