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

question 47

Essay

Two legendary rock bands, The Who and Kiss, are scheduling concerts in Detroit this summer. The supply of Who concert tickets is fixed at 40,000 and the supply of Kiss concert tickets is fixed at 40,000. The demand for Who and Kiss tickets are given by the following equations:
Who:
= 100,000 - 1,000P_W + 250P_K
Kiss:
= 100,000 - 1,000P_K + 250P_W
where P_W is the price of a ticket for The Who and P_K is the price of a ticket for Kiss. In general equilibrium, what are prices of a ticket for The Who and a ticket for Kiss?

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