A Price Ceilling of $35 has been set by the Football ruling body for all games and is shown on the chart below. 44] 42- Ticket Price 40- 38- 36- 32- 30- 28- 26- 24- 22- 4200 7000 5600 Number of Tickets Sold 8400 With this price control in effect: What would be the market price?$ 37.00 What would be the number of tickets exchanged (Refer to Table 1)? 5040.00
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- PRICE 8 7 6 5 4 3 2 1 5 Select one: Supply 10 15 20 25 30 35 40 45 50 QUANTITY Refer to Figure 6-6. When a certain price control is imposed on this market, the resulting quantity of the good that is actually bought and sold is such that buyers are willing and able to pay a maximum of P₁ dollars per unit for that quantity and sellers are willing and able to accept a minimum of P₂dollars per unit for that quantity. If P₁ P2= $3, then the price control is a. only a price ceiling of $6.00. b. only a price ceiling of $3.00. C. either a price ceiling of $3.00 or a price floor of $6.00. d. only a price floor of $6.00. XA Price Floor of $27 has been set by the Soccer ruling body for all games and is shown on the chart below. Ticket Price É 8 a 24- 22- 20 3000 + 4000 5000 Number of Tickets Sold 6000 7000 With this price control in effect: What would be the market price? What would be the number of tickets exchanged(Refer to Table 17 Is the market operating efficiently? Cannot Determine No 00 O Yes Sometimes Time Remaining: 01:58:56A Price Ceiling of $16 has been set by the Cricket ruling body for all games and is shown on the chart below Ticket Price 38- 36- 34- 30- 28 20- 14-1 12- 5000 13200 17600 Number of Tickets Sold 22000 C₂ With this price control in effect: What would be the market price?5 What would be the number of tickets exchanged/Refer to Table 12 is the market operating efficiently? No Sometimes
- Figure 6-5 10 9 0 7 6 5 4 3 price s 5 10 15 20 30 35 40 45 50 55 60 65 70 75 80 85 anity Refer to Figure 6-5. When a certain price control is imposed on this market, the resulting quantity of the good that is actually bought and sold is such that buyers are willing and able to pay a maximum of P₁ dollars per unit for that quantity and sellers are willing and able to accept a minimum of P2 dollars per unit for that quantity. If P₁ - P2 = $3, then the price control in question is either a price ceiling of $2.00 or a price floor of $5.00. O a price ceiling of $2.00. a price floor of $5.00. a price ceiling of $5.00.Explain the condition under which price legislation is employed in an economy Question2 Using diagrams,show the relevance of Price elasticity of demand in business pricing strategiesConsider the graph. What is the deadweight loss associated with the price floor? 19- Supply Price floor 15- %24 10 Incorrect 10- Demand Quantity Price ($)
- Say that a certain stadium for professional football has 70,000 seals. What is the shape of the supply curve for tickets to football games at that stadium? Explain.Based on Table 1, in order to help the consumer, the government imposes a price control of RM0.60 per liter: Give the name of this price control and how much petrol will be demanded by consumer at this price?. How much petrol will be offered for sale by suppliers, and how much petrol will actually be sold? Calculate the excess quantity of petrol demanded. Price (RM) Quantity demanded (liter per day) Quantity supplied (liter per day) 0.80 8 24 0.75 10 22 0.70 12 20 0.65 14 18 0.60 16 16 0.55 18 14Price Quantity demanded Quantity supplied $300 60 30 $400 55 40 $500 50 50 $600 45 60 $700 40 70 $800 35 80 What will be the result of a price ceiling of $400 on skate boards?
- Figure 6-8 IS 7- 5 10 15 20 25s 35 40 so ss 0 6S T0 7s 30 8S yowity 6. Refer to Figure 6-8. When a certain price control is imposed on this market, the resulting quantity of the good that is actually bought and sold is such that buyers are willing and able to pay a maximum of P, dollars per unit for that quantity and sellers are willing and able to accept a minimum of P; dollars per unit for that quantity. If P, - P2 = $3, then the price control is a. a price floor of $5.00. b. a price ceiling of $5.00. c. a price ceiling of $2.00. d. either a price ceiling of $2.00 or a price floor of $5.00.1. Using the following Supply and Demand schedules for bicycles to answer the questions below. Quantity Demanded (Qd) Price Quantity Supplied (Qs) $300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a. In response to lobbying by the Bicycle Ridders Association, Congress places a price ceiling of $700 on bicycles. What effect will this have on the market for bicycles? Why? b. In response to lobbying by the same Bicycle Ridder Association, Congress places a price ceiling of $400 on bicycles, Using the information above, impose the price ceiling. What is the result of the price ceiling of $400 on bicycles?Refer to the figure, Price (dollars) 600 550 500 450 400 350 300 250 200 150 100 50 0 Market for Game Consoles S 10 20 30 40 50 60 70 80 90 100110 Quantity Toola DL 0 O Use the graph to show the area representing the deadweight loss, and then determine the deadweight loss created as a result of setting the price at $150. Instructions: Use the tool provided "DL to illustrate this area on the graph. Deadweight loss: $