equilibrium price. Should the University accept the offer to install the seats? QUESTION 4 The supply and demand for concert tickets are given in the table below. Price (R) 0 Quantity 4.1 20 8 14 4 12 16 24 28 32 36 40 15 13 12 11 10 9 8 6. 5 Demanded Quantity 3 5 9 11 Supplied 4.1.1. Plot the supply and demand curves to scale and establish the equilibrium price and quantity. 4.1.2. What is the excess supply or demand (as applicable) when price is R24? And when price is R36? 4.1.3. Describe the market adjustments in price induced by these two prices. 4.1.4. The functions underlying the example in the table are linear and can be presented as P = 18+2Q (supply) and P= 60-4Q (demand). Solve the two equations for the equilibrium price and quantity values.

equilibrium price. Should the University accept the offer to install the seats? QUESTION 4 The supply and demand for concert tickets are given in the table below. Price (R) 0 Quantity 4.1 20 8 14 4 12 16 24 28 32 36 40 15 13 12 11 10 9 8 6. 5 Demanded Quantity 3 5 9 11 Supplied 4.1.1. Plot the supply and demand curves to scale and establish the equilibrium price and quantity. 4.1.2. What is the excess supply or demand (as applicable) when price is R24? And when price is R36? 4.1.3. Describe the market adjustments in price induced by these two prices. 4.1.4. The functions underlying the example in the table are linear and can be presented as P = 18+2Q (supply) and P= 60-4Q (demand). Solve the two equations for the equilibrium price and quantity values.

Principles of Economics 2e

2nd Edition

ISBN:9781947172364

Author:Steven A. Greenlaw; David Shapiro

Publisher:Steven A. Greenlaw; David Shapiro

Chapter7: Production, Costs, And Industry Structure

Section: Chapter Questions

Problem 22RQ: What are diminishing marginal returns as they relate to costs?

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