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).