We are examining the market for movie attendance at theatres in Ontario. Given below are the demand schedule and supply schedule for movie tickets in theatres in Ontario for one year. Graph the demand and supply curves on one graph and determine equilibrium in this market. Label the graph and axises properly. State where equilibrium is (price and quantity), don't just point to it on the graph. Make sure you have the price and quantity demanded on the correct axis. (5 marks - 4 marks for graph and 1 mark for equilibrium)
|
Price
|
Quantity Demanded
|
|
$8
|
550,000
|
|
$10
|
475,000
|
|
$12
|
326,000
|
|
$14
|
225,000
|
|
$15
|
150,000
|
|
$20
|
98,000
|
|
$25
|
50,000
|
|
$30
|
25,000
|
|
Price
|
Quantity Supplied
|
|
$8
|
45,000
|
|
$10
|
85,000
|
|
$12
|
150,000
|
|
$14
|
225,000
|
|
$15
|
285,000
|
|
$20
|
301,000
|
|
$25
|
355,000
|
|
$30
|
425,000
|