Topic: The Price Mechanism: Demand, Supply and Market There are 20,000 seats in the City Football Stadium.
View the step-by-step solution to:

Question

Topic: The Price Mechanism: Demand, Supply and Market 


There are 20,000 seats

in the City Football Stadium. Last year a pop singer held one concert in the City Football Stadium at a price of $1,200 per ticket (assuming that there's only one fixed price for all seats) and there were 3,000 unsold tickets. This year, the organizer still organized one concert but lowered the ticket price to $1,000 each and all tickets were sold out. Suppose the demand for this pop singer's concert were the same in last year and this year. Based on the above information, find the range of equilibrium price for this singer's concert? Explain your answer with appropriate diagram(s). 

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes