The attached document isnt specifically the assignment I need to be done but it will be similar. I...

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The attached document isnt specifically the assignment I need to be done but it will be similar. I believe there will be around 7-10 questions and they are open-ended and can be answered in 3-5 sentences each

Himanshu · Accepted Answer

Ans 1
a.
Markets for movies
	Price/case
	Quantity demanded
	Quantity Supplied
	
	
	
	 $       100 
	5000
	18000
	 $         90 
	6000
	17000
	 $         80 
	7000
	16000
	 $         70 
	8000
	15000
	 $         60 
	10000
	14000
	 $         50 
	11000
	13000
	 $         40 
	12000
	12000
	 $         30 
	13000
	11000
	 $         20 
	14000
	10000
	 $         10 
	15000
	9000
	 $           5 
	16000
	8000
	 $           2 
	17000
	7000
Equilibrium price will be $40 and quantity demanded at that point was 12000. Price and demand has a inverse relation which suggest as the price of the commodity increases demand decreases. We can clearly see this analysis in above chart also, as the price of the movie ticket increases demand decreases.
Marginal cost will be dividing the change in total cost by the change in quantity. For example, the cost to produce 5000 tickets at $100 will be $500,000. When price fall to $90 demand for the tickets increases to 6000 which will give $540,000. Marginal cost for this will be $10 for each additional unit.
b.
	
	Adults
	
	 $       100 
	5000
	10000
	 $         90 
	6000
	9000
	 $         80 
	7000
	8000
	 $         70 
	8000
	7000
	 $         60 
	12000
	6000
	 $         50 
	14000
	5000
	 $         40 
	16000
	4000
	 $         30 
	18000
	3000
	 $         20 
	20000
	2000
	
	Students 
	
	 $         50 
	1000
	5000
	 $         45 
	2000
	4000
	 $         40 
	3000
	3000
	 $         35 
	4000
	2000
	 $         30 
	6000
	1000
	 $         20 
	8000
	5000
	 $         10 
	10000
	4000
c.

The attached document isnt specifically the assignment I need to be done but it will be similar. I believe there will be around 7-10 questions and they are open-ended and can be answered in 3-5...

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