Question: Use the table below to answer the questions that follow: a. If this table reflects the supply of and demands for tickets to a particular
a. If this table reflects the supply of and demands for tickets to a particular World Cup soccer game, what is the stadium capacity?
b. If the preset ticket price is $45, would we expect to see a secondary market for tickets? Explain why or why not.
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Would the price of a ticket in the secondary market be higher than, the same as, or lower than the price in the primary (original) market?
c. Suppose for some other World Cup game the quantities of tickets demanded are 20,000 lower at each ticket price than shown in the table. If the ticket price remains $45, would the event be a sellout? Explain why or whynot.
Quantity Demanded, Quantity Supplied, Thousands 60 60 60 60 60 60 60 Thousands 80 75 70 65 60 Price $25 35 45 65 75 85 50
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a Stadium capacity is 60000 b Yes we would expect to ... View full answer
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