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8 problems and applications q11 suppose that the price of...

Question: 8 problems and applications q11 suppose that the price of...

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8. Problems and Applications Q11 Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the d follows: emand and supply schedules are as Price Quantity Demanded Quantity Supplied COollors) (Tickets) 10,000 8,000 6,000 4,000 2,000 (Tickets) 8,000 8,000 8,000 8,000 8,000 12 16 20

to tickets. Finally, use the black point (plus symbol) to indicate the equilibrium price and quantity in this market. Supply New Demand ·亨 246 10525416骚29 New Equil

Your college plans to increase total enrollment next year by 5,000 students. The additional students will have the following demand schedule: Price Quantity Demanded (Dollars)(ickets) 12 16 20 4,000 3,000 2,000 1,000 0 Add the old demand schedule and the demand schedule for the new students to calculate the new demand schedule for the entire college. Use the purple points (diamond symbol) to draw this new demand curve on the previous graph. Then use the grey point (star symbol) to indicate the new equibbrium price and quantity

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