ECON 103 ETSU Demand & Price Economy Worksheet

Description

pleas answer all questions carefully.Q1) The demand for seats per game, at a local stadium that seats a maximum of 50,000 per game, is P = 22 – 0.2Q where P is the price of a ticket and Q represents the number of seats (expressed in thousands). Assume that all seats and all games are the same, and Marginal Cost = $10 = Average Cost.PART-I. If the owner of the local stadium chooses a uniform per-ticket price, calculate the maximum profit per game?PART-II. If the per-ticket price must match the marginal cost, calculate the consumer surplus per game?Q2) your response (between 20 – 50 words) to the following question.Based on your reading of the article “Preserving Talent” (https://www.mydigitalpublication.com/publication/?m=17069&i=708291&p=74&ver=), what can UWM do to curb Wisconsin’s Brain Drain?

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Question. [30 points] The demand for seats per game, at a local stadium that seats a maximum of
50,000 per game, is P = 22 – 0.2Q where P is the price of a ticket and Q represents the number of
seats (expressed in thousands). Assume that all seats and all games are the same, and Marginal
=
Cost = $10 = Average Cost.
=
PART-I. If the owner of the local stadium chooses a uniform per-ticket price, calculate the
maximum profit per game?
PART-II. If the per-ticket price must match the marginal cost, calculate the consumer surplus per
game?

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Explanation & Answer:
2 Questions

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Economy

demand

price

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