PriceQuantity DemandedQuantity Supplied $410 000 Tickets8 000 Tickets $88 000 Tickets8 000 Tickets $126 000 Tickets8 000 Tickets $164 000 Tickets8 000 Tickets $202 000 Tickets8 000 Tickets a) Draw the demand and supply curves. What is unusual about this supply curve? What might this be true? b) What are the equilibrium price and quantity of tickets?​

a) Draw the demand and supply curves. I have attached the supply and demand curves below

What is unusual about this supply curve? What might this be true? What is inusual is that the supply curve is vertical, which means that the supply for this market is perfectly inelastic. A perfectly inelastic supply occurs when supply does not respond to price, it stays at the same quantity regardless of price level and price changes.

b) What are the equilibrium price and quantity of tickets?​

The equilibrium price is $8 and the equilibrium quantity is 8 000 tickets. The reason is that at the price of $8 both the quantity supplied and demanded is equal to 8 000 tickets.

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