Essay
The demand for tickets to the Daytona 500 NASCAR event is given by the equation QD = 350,000 - 800P. The supply of tickets to the event is given by the capacity of the Daytona track, which is 150,000. What is the equilibrium price of tickets to the event? What is the price elasticity of demand at the equilibrium price? What is the price elasticity of supply at the equilibrium price?
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Consumers are willing to pay P...View Answer
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