...Question 1 [10 marks] Suppose the expected market demand for tickets to the Australian Open golf tournament to be held in Queensland in November is given by D = 40,000 -1,000P and the supply of tickets is S = 20,000. Tickets for a golfing tournament have negligible Marginal cost. Hence supply will be Perfectly Elastic. This means that 20 000 tickets will be supplied regardless of demand Demand = (40,000 – 1,000 * Ticket Price) tickets Supply = (20,000 + 0*Ticket Price) tickets a. What is the equilibrium price of a ticket to the tournament? How many tickets will be sold? [2 marks] At equilibrium price: Supply = Demand 20,000 = 40,000 – 1,000P 1,000P = 20,000 P = 20 Equilibrium Price is $20 At price = $20: Supply = 20000 + 0*price = 20000 The Number of tickets sold is 20,000 b. Draw a diagram illustrating the demand and supply curves and the equilibrium price and quantity. [1 mark] [pic] The rising incomes of mine workers in Queensland, who happen to be big golf fans planning to attend the tournament, has resulted in a new demand curve given by D = 70,000 – 2,000P. Supply of tickets to the tournament remains at S = 20,000 Demand = (70,000 – 2,000 * Ticket Price) tickets Supply = (20,000 + 0*Ticket Price) tickets c. What is the new equilibrium price of a ticket to the tournament? How many tickets...
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...~L\r..9rzG~ ~ <3Re.~...:)l3-A\ ,0:;J.2><:;' \--\~T~ ..... ) 1 h:~ ~.; ~< - \~~4- ;:::. :~ t.f; ~:J :i~ gJ ,;(' t \j' ~}~ '_ I Levels of culture 11th juror: (rising) 'I beg pardon, in discussing ... 10th juror: (inlerrupting and mimicking) 'I beg pardon. What are you so goddam polite about?' 11th juror: (looking s- raight at the 10th juror) 'For the same reason you're not. t It's the way I was brought up.' From Reginald Rose, Twelve Angry Men .;."" ' , ' , ·· ~.t,:' . '~ ,r ' ?,./ ......~ ~ i "·~:,>~i ;¥ '. .' I.' '=..,. :I....... Cl'~ .~ ';-;X•. .; ~ ::;~·r : ';f1 ~i-.:~ ;,;-" "~fS'::, ':~i , ~ " ;;: ~:~~ ~.~-~ : f ( f' 1-' : ::;'._, :: ::~!'~' • ~. ") "'{.~,:,~fr~;.f~- :: JHfffl t:;t~t~: ie-lD .ti'l~r~~" .~·~': ~ ~, :~··~ ·; ~.':l ;>~~~~ '<}{~ID:.) ~l4) JLu} r;: .bg,((! \ .,; ,:.. · ..·;~\~i':};,' ::ij 1:;-h .f.;t!£ .,i-:::;"} ~.) :i/;.~-:\: .• ~ ':rJ~) ~)>1~J lt tJ( . :-.r~r~~ ',:" " "--.Lt.~·"·1qI)O:· . bl1t~IJi-~b ;;_: ,:, ,"'"'" :'n:,~:.:n;~;:i~' ,. ~. If }.- i~~]~:·::-'nin:~.:' ,iWitl, !ic'q re, ,'1.Q_it;,n~rwv) ;j;,/ , 'ho.qqii2 <5/~jh:::,~,,: ; - ,;'l;jl)(: - , ,?:;-'; . n:J:Ai~r<, ;;':",' Twelve Angry Men is an American theatre piece which became a famous motion picture, starring Henry Fonda. The play was written in 1955'. The -scene consists of the jury room of a 'New York court of law. Twelve jury members. who have never met before have to decide ~,.manimously on the guilt or innocence of a boy from a slum area, accused of murder...
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