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In response to lobbying by the skateboard manufacturers, the government places a price floor of $700 on skate boards. Use the following supply and demand schedules for skateboards in Table 5.1 to answer the questions below. Quantity Supplied Price ($) Quantity Demanded 300 60 30 400 55 40 500 50 50 600 45 60 700 40 800 35 70 80 Use the information provided in Table 5.1, to plot the supply and demand curve for skateboards. Using the answer from question 5a, show the price floor in the diagram. What would be the impact if the government reconsidered and introduced a price ceiling of $550? I=

In response to lobbying by the skateboard manufacturers, the government places a price floor of $700 on skate boards. Use the following supply and demand schedules for skateboards in Table 5.1 to answer the questions below. Quantity Supplied Price ($) Quantity Demanded 300 60 30 400 55 40 500 50 50 600 45 60 700 40 800 35 70 80 Use the information provided in Table 5.1, to plot the supply and demand curve for skateboards. Using the answer from question 5a, show the price floor in the diagram. What would be the impact if the government reconsidered and introduced a price ceiling of $550? I=

ECON MICRO
ECON MICRO
5th Edition
ISBN:9781337000536
Author:William A. McEachern
Publisher:William A. McEachern
Chapter4: Demand, Supply, And Markets
Section: Chapter Questions
Problem 4.8P
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In response to lobbying by the skateboard manufacturers, the government places a price floor of $700 on skate boards. Use the following supply and demand schedules for skateboards in Table 5.1 to answer the questions below. Quantity Supplied Price ($) Quantity Demanded 300 60 30 400 55 40 500 50 50 600 45 60 700 40 800 35 70 80 Use the information provided in Table 5.1, to plot the supply and demand curve for skateboards. Using the answer from question 5a, show the price floor in the diagram. What would be the impact if the government reconsidered and introduced a price ceiling of $550? I=
Transcribed Image Text:In response to lobbying by the skateboard manufacturers, the government places a price floor of $700 on skate boards. Use the following supply and demand schedules for skateboards in Table 5.1 to answer the questions below. Quantity Supplied Price ($) Quantity Demanded 300 60 30 400 55 40 500 50 50 600 45 60 700 40 800 35 70 80 Use the information provided in Table 5.1, to plot the supply and demand curve for skateboards. Using the answer from question 5a, show the price floor in the diagram. What would be the impact if the government reconsidered and introduced a price ceiling of $550? I=
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