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Two Legendary Rock Bands, the Who and Kiss, Are Scheduling

Question 18

Multiple Choice

Two legendary rock bands, The Who and Kiss, are scheduling concerts in Detroit this summer. The supply of tickets for The Who concert is fixed at 40,000 and the supply of tickets for the Kiss concert is fixed at 40,000. The demand for tickets for The Who and Kiss are given by the following equations:
The Who: Two legendary rock bands, The Who and Kiss, are scheduling concerts in Detroit this summer. The supply of tickets for The Who concert is fixed at 40,000 and the supply of tickets for the Kiss concert is fixed at 40,000. The demand for tickets for The Who and Kiss are given by the following equations: The Who:   = 100,000 - 1,000P<sub>W</sub> + 250P<sub>K</sub> Kiss:   = 100,000 - 1,000P<sub>K</sub> + 250P<sub>W</sub> Where P<sub>W</sub> is the price of a ticket for The Who and P<sub>K</sub> is the price of a ticket for Kiss. In general equilibrium, the price of a Kiss ticket is ____. A)  $100 B)  $80 C)  $60 D)  $40
= 100,000 - 1,000PW + 250PK
Kiss: Two legendary rock bands, The Who and Kiss, are scheduling concerts in Detroit this summer. The supply of tickets for The Who concert is fixed at 40,000 and the supply of tickets for the Kiss concert is fixed at 40,000. The demand for tickets for The Who and Kiss are given by the following equations: The Who:   = 100,000 - 1,000P<sub>W</sub> + 250P<sub>K</sub> Kiss:   = 100,000 - 1,000P<sub>K</sub> + 250P<sub>W</sub> Where P<sub>W</sub> is the price of a ticket for The Who and P<sub>K</sub> is the price of a ticket for Kiss. In general equilibrium, the price of a Kiss ticket is ____. A)  $100 B)  $80 C)  $60 D)  $40
= 100,000 - 1,000PK + 250PW
Where PW is the price of a ticket for The Who and PK is the price of a ticket for Kiss. In general equilibrium, the price of a Kiss ticket is ____.


A) $100
B) $80
C) $60
D) $40

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