Problem and solution - ME.docx - 1 The demand for tickets to the Daytona 500 NASCAR event is given by the equation The supply of tickets to the event is

# Problem and solution - ME.docx - 1 The demand for tickets...

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1. The demand for tickets to the Daytona 500 NASCAR event is given by the equation The supply of tickets to the event is given by the capacity of the Daytona track, which is 150,000. What is the equilibrium price of tickets to the event? What is the price elasticity of demand at the equilibrium price? What is the price elasticity of supply at the equilibrium price? Consumers are willing to pay P = 200000/800 == 250 per ticket A. What is the equilibrium price of tickets to the event? A. 250 B. What is the equilibrium quantity of tickets to the event (Maximum amount of tickets) The price elasticity of demand at \$250 is ED = p/q B. 150,000 A. What is the price elasticity of demand at the equilibrium price (Two decimle places) A. -1.33 The demand for tickets to the Daytona 500 NASCAR event is given by the equation QD = 350,000 - 800P. The supply of tickets to the event is given by the capacity of the Daytona track, which is 150,000. A. What is the price elasticity of supply at the equilibrium price?  #### You've reached the end of your free preview.

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