Assume that the supply of tickets to an outdoor music festival in Thousand Oaks, California, is a function of price such that:

Assume that the supply of tickets to an outdoor music festival in Thousand Oaks, California, is a function of price such that:QS= 1P(Supply)where Q is the number of tickets (in thousands) and P is the ticket price. Also assume that the demand for such concert tickets is perfectly elastic at a price of $30. This means that the ticket demand curve can be drawn as a horizontal line that passes through $30 on the Y-axis.