3. Effects of restricted supply The following graph depicts the market for fortune telling in the island nation of Wanwickia. The established Warwickian fortune tellers successfully lobbied the govemment to restrict access to the market for astrological services. All new psychics wishing to enter the market must first complete 1.600 hours of astrological training and obtain an astrological advisor license before setting up shop. The training and licensing process requires tuition and fees. The restricted market supply curve refiects the additional costs of obtaining the license. Suppose the Warvwickian courts strike down the restrictions and allow psychics to freely enter the fortune telling market. Adjust the appropriate curve to illustrate the effecr on the market. Supply Demand -o- Supply Demand QUANTITY (Thousands of fortunes told per year) PRICE (Dollars per brtune told)

3. Effects of restricted supply The following graph depicts the market for fortune telling in the island nation of Wanwickia. The established Warwickian fortune tellers successfully lobbied the govemment to restrict access to the market for astrological services. All new psychics wishing to enter the market must first complete 1.600 hours of astrological training and obtain an astrological advisor license before setting up shop. The training and licensing process requires tuition and fees. The restricted market supply curve refiects the additional costs of obtaining the license. Suppose the Warvwickian courts strike down the restrictions and allow psychics to freely enter the fortune telling market. Adjust the appropriate curve to illustrate the effecr on the market. Supply Demand -o- Supply Demand QUANTITY (Thousands of fortunes told per year) PRICE (Dollars per brtune told)

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

See similar textbooks

Similar questions

What is the implication of a new technological change in the production on consumer.
Why is having knowledge of graphing and basic algebra or essential for your understanding of macroeconomics and how they are used in the course
What is macroeconomics?
How does circular diagram flow works?
What is the meaning of economic dynamics and what is iys significance and importance?
create 2 ideas if you were creating a topic idea based off of the information below It must be a MACRO topic economics theory is applied. a thorough understanding of particular economic concepts/theories; that you can apply those concepts/theories to analyze daily events.
micro 1
What is the importance of studying macroeconomics in our daily lives? (80 words minimum)
What is the difference between macro and microeconomics? Answer your question with example (s).
REFLECTIONDirections: Read the article below . Then , discuss how the economic program of the government administration puts solution to the problem of scarcity in the country.Write your answer in a reflective way.
What does the following mathematical formula explain?