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Suppose that the price of basketball tickets at your college is determined by market forces. Currently, the demand and supply schedules are as follows: Price Quantity Demanded Quantity Supplied $2 5,000 tickets 4,000 tickets 4 4,000 4,000 6 3,000 4,000 8 2,000 4,000 10 1,000 4,000 a. Draw the demand and supply curves. What are the equilibrium price and quantity of tickets? b. Your college plans to increase total enrollment next year by 2,500 students. The additional students will have the following demand schedule: Price Quantity Demanded $2 2,000 tickets 4 1,500 6 1,000 8 500 10 0 Add the old demand schedule and the demand schedule for the new students to calculate the new demand for the entire college. What will be the new equilibrium price and quantity?
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