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Assume that the University Regents implement a policy that requires the box office to sell all tickets at a price of $35 regardless of who is playing. Think about all of this information, Then: a. Draw appropriate supply and demand curves to represent the market for tickets, purchased at the box office, to a U of M football home game. b. Indicate the location of the equilibrium price of a ticket on the appropriate axis. c. In a free market, price adjusts to equate quantity supplied with quantity demanded. Is this a free market? Explain well. d. Indicate on the graph where you think the university’s price for a ticket sits relative to the equilibrium price. Explain well.

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Business Economics, Economics

Category:- Business Economics
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