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Microeconomics 19th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
Edition 19ISBN: 978-0070998544Microeconomics 19th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
Edition 19ISBN: 978-0070998544 Exercise 3
Use the table below to answer the questions that follow: LO6
a. If this table reflects the supph of and demand for tickets to a particular World Cup soccer game, what is the stadium capacity?
b. If the preset ticket price is $45, would we expect to see a secondary market for tickets? Would the price of a ticket in the secondary market be higher than, the same as, or lower than the price in the primary (original) market?
c. Suppose for some other World Cup game the quantity of tickets demanded is 20,000 lower at each ticket price than shown in the table. If the ticket price remains $45, would the event be a sellout?
a. If this table reflects the supph of and demand for tickets to a particular World Cup soccer game, what is the stadium capacity?
b. If the preset ticket price is $45, would we expect to see a secondary market for tickets? Would the price of a ticket in the secondary market be higher than, the same as, or lower than the price in the primary (original) market?
c. Suppose for some other World Cup game the quantity of tickets demanded is 20,000 lower at each ticket price than shown in the table. If the ticket price remains $45, would the event be a sellout?
Explanation
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Verified
The given data can be summarized as foll...
Microeconomics 19th Edition by Campbell McConnell,Stanley Brue,Sean Flynn
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