Finding the Slope of Linear Demand and Supply Curves

Question

In the summer, when concert tickets sell for $75, there are always 150,000 people that are willing and able to buy them, and the producers are willing and able to release 300,000 tickets. When the price falls to $50 a ticket, 75,000 more people are willing and able to buy them, but producers are only willing and able to release 100,000 tickets.

Answer 1

∆P= -25  ∆Qs = -200 ∆Qd = +75 Slope of demand = ∆P/∆Qd =-25/+75 = - 1/3

Slope of Supply = ∆p/∆Qs = -25/-200 = +1/8