Question: I need help with QUESTION 3 please! I included the other questions and info as some context. Thank You!! 1 What is quantity demanded? Suppose

I need help with QUESTION 3 please! I included the other questions and info as some context. Thank You!!

I need help with QUESTION 3 please! I included the other questions

1 What is quantity demanded? Suppose you are trying to sell 100 tickets to a student production of the play Romeo and Juliet for $5 each. The quantity demanded is the amount of tickets people are able and willing to buy at the given price. No matter what the ticket price is, some people like Shakespeare a lot and are willing to pay the price. Others wouldn't want to sit through three hours of 16th century English even if the tickets were free. Aside from personal taste, some people can afford the tickets and some people are not able to afford the tickets. Both of these factors, personal taste and financial situations, affect your ticket sales. In order to get feel for the concept of quantity demanded, answer the following questions. 1. Suppose that on Tuesday afternoon, in the library, you were able to sell 15 tickets for $5 each. How many tickets might you have sold if you charged $3 each? Explain your reasoning in words using one or two sentences. (a) 12 tickets (b) 15 tickets (C) 25 tickets 2. On an average weekday there are approximately 300 students in the library. On weekends, there are only about 100 students. How many $5 tickets do you think you would have sold at the library on a weekend? Explain your reasoning in words using one or two sentences. (a) 5 tickets (b) 10 tickets (c) 15 tickets 3. To fill empty seats, the theater department decides to sell tickets for $3 on the day of the performance. How many $5 tickets do you think you would have sold on Tuesday if the customers knew about this option? Explain your reasoning in words using one or two sentences. (a) 10 tickets (b) 20 tickets (C) 0 tickets 4. The law of demand says that if you raise the price of a product then the quantity demanded will decrease. Can you think of a product that does not follow the law of demand? Explain your reasoning in words using one or two sentences

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