Table 3.10 shows the supply and demand for movie tickets in a city. Graph demand and supply
Question:
Table 3.10 shows the supply and demand for movie tickets in a city. Graph demand and supply and identify the equilibrium. Then calculate in a table and graph the effect of the following two changes.
a. Three new nightclubs open. They offer decent bands and have no cover charge, but make their money by selling food and drink. As a result, demand for movie tickets falls by six units at every price.
b. The city eliminates a tax that it placed on all local entertainment businesses. The result is that the quantity supplied of movies at any given price increases by 10%.
Table 3.10
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Step by Step Answer:
lets start by graphing the demand and supply curves using the data provided in Table 310 and identif...View the full answer
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