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at p* = $140 per ticket. At that price, q* = 3,000 tickets were...
at p* = $140 per ticket. At that price, q* = 3,000 tickets were sold. The price elasticity of supply for these tickets is Es = 3. The demand function for tickets is q = 3,700 − 5p.
a.) What is the supply function?
b.) Sketch the supply function and calculate the producer surplus (PS) at this equilibrium price and quantity.
c.) The new supply for tickets is q = −9,000 + 64.29p. Calculate the new equilibrium price and quantity. Show this change in your graph, and calculate the change in social surplus (relative to the initial equilibrium p* = $140, q* = 3,000) resulting from the seating restrictions. Is society better off or worse off?
Answer & Explanation
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