Essay
Two legendary rock bands, The Who and Kiss, are scheduling concerts in Detroit this summer. The supply of Who concert tickets is fixed at 40,000 and the supply of Kiss concert tickets is fixed at 40,000. The demand for Who and Kiss tickets are given by the following equations:
Who: 
= 100,000 - 1,000PW + 250PK
Kiss: 
= 100,000 - 1,000PK + 250PW
where PW is the price of a ticket for The Who and PK is the price of a ticket for Kiss. In general equilibrium, what are prices of a ticket for The Who and a ticket for Kiss?
Correct Answer:
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= 40,000
100,000 - 1,000PW + 250PK = 40,0...View Answer
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Correct Answer:
Verified
= 40,000100,000 - 1,000PW + 250PK = 40,0...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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