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Section C 5. In response to lobbying by the skateboard manufacturers, the government places a price floor of $700 on skate boards. Use the following supply and demand schedules for skateboards in Table 5.1 to answer the questions below. Table 5.1 Price ($) Quantity Demanded Quantity Supplied 300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a. Use the information provided in Table 5.1, to plot the supply and demand curve for skateboards. b. Using the answer from question 5a, show the price floor in the diagram. c. What would be the impact if the government reconsidered and introduced a price ceiling of $5502

Section C 5. In response to lobbying by the skateboard manufacturers, the government places a price floor of $700 on skate boards. Use the following supply and demand schedules for skateboards in Table 5.1 to answer the questions below. Table 5.1 Price ($) Quantity Demanded Quantity Supplied 300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a. Use the information provided in Table 5.1, to plot the supply and demand curve for skateboards. b. Using the answer from question 5a, show the price floor in the diagram. c. What would be the impact if the government reconsidered and introduced a price ceiling of $5502

Principles of Microeconomics
Principles of Microeconomics
7th Edition
ISBN:9781305156050
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter6: Supply, Demand And Government Policies
Section: Chapter Questions
Problem 3PA
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Section C 5. In response to lobbying by the skateboard manufacturers, the government places a price floor of $700 on skate boards. Use the following supply and demand schedules for skateboards in Table 5.1 to answer the questions below. Table 5.1 Price ($) Quantity Demanded Quantity Supplied 300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a. Use the information provided in Table 5.1, to plot the supply and demand curve for skateboards. b. Using the answer from question 5a, show the price floor in the diagram. c. What would be the impact if the government reconsidered and introduced a price ceiling of $5502
Transcribed Image Text:Section C 5. In response to lobbying by the skateboard manufacturers, the government places a price floor of $700 on skate boards. Use the following supply and demand schedules for skateboards in Table 5.1 to answer the questions below. Table 5.1 Price ($) Quantity Demanded Quantity Supplied 300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a. Use the information provided in Table 5.1, to plot the supply and demand curve for skateboards. b. Using the answer from question 5a, show the price floor in the diagram. c. What would be the impact if the government reconsidered and introduced a price ceiling of $5502
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