Suppose the demand for football tickets at a local college is Q = 100,000 - 500P and the supply of tickets is QS = 30,000. The market equilibrium price is $ 140 and the equilibrium quantity is 30000 tickets. (Enter your responses as whole numbers.) Total economic surplus in this market is $ (Enter your response as a whole number.)

Suppose the demand for football tickets at a local college is Q = 100,000 - 500P and the supply of tickets is QS = 30,000. The market equilibrium price is $ 140 and the equilibrium quantity is 30000 tickets. (Enter your responses as whole numbers.) Total economic surplus in this market is $ (Enter your response as a whole number.)

Exploring Economics

8th Edition

ISBN:9781544336329

Author:Robert L. Sexton

Publisher:Robert L. Sexton

Chapter7: Market Efficiency And Welfare

Section: Chapter Questions

Problem 1P

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