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Consider the following supply and demand curves for tickets to Oakland A’s games, where Q is...

Consider the following supply and demand curves for tickets to Oakland A’s games, where Q is measured in hundreds of tickets per game.

Qd =100–2P Qs =20+3P

1. What would happen if bay area residents increase their preferences for A’s games? Illustrate the effect on the market graphically, and discuss how you would expect equilibrium quantity and price to change.

2. What would happen if the price for San Francisco Giants tickets increased? Illustrate graphically, and discuss how you would expect equilibrium quantity and price to change.

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