Suppose the graph below depicts the demand for football tickets at Grand University. (a) If current...
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Suppose the graph below depicts the demand for football tickets at Grand University. (a) If current demand is represented as Demand 2, what is total revenue at the price of $24? (b) If the price drops to $12, how many tickets would consumers purchase? (c) What is total revenue at that point? (d) If the team has a losing streak and the price is still $24, at what point do we end up? (e) What is total revenue at that point? PRICE (dollars per ticket $36 32 28 24 20 16 12 8 0 D₂ 1,000 2,000 3,000 4,000 5,000 6.000 7.000 8.000 9.000 10.000 11,000 12,000 TICKETS (per game) Suppose the graph below depicts the demand for football tickets at Grand University. (a) If current demand is represented as Demand 2, what is total revenue at the price of $24? (b) If the price drops to $12, how many tickets would consumers purchase? (c) What is total revenue at that point? (d) If the team has a losing streak and the price is still $24, at what point do we end up? (e) What is total revenue at that point? PRICE (dollars per ticket $36 32 28 24 20 16 12 8 0 D₂ 1,000 2,000 3,000 4,000 5,000 6.000 7.000 8.000 9.000 10.000 11,000 12,000 TICKETS (per game)
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