The symphony ticket market can be described by the following supply and demand curves:

Q ^D = 50.000 – 100P y Q ^S = 20.000 + 100P

• What are the equilibrium price and quantity in the ticket market?
• Classical music lovers persuade the symphony to impose a maximum price of $100 per ticket. How many tickets are sold now on the market? Is there a shortage or excess of tickets? For how much? Does this policy get more or fewer people to attend classical music concerts?

Answer rating: 100% (QA)

The steps to solve this problem 1 Equilibrium price and quantity with no price ceiling ... View the full answer