Use the following supply and demand schedules for skate boards in table 18.1, to answer the questions 18(a). to 18(d) below. Table 18.1 Price ($) Quantity Demanded Quantity Supplied 300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a. In response, to lobbying by the skate board association, the government places a price ceiling st the price of $700 on skate boards. What will this have on the market for skate boards? Explain your answer. b. In response, to lobbying by the skate board association, the government places a price ceiling of $400 on skate boards. Use the information provided in Table 18.1, to plot the supply and demand curve for skate boards c. Use the information provided in Table 18.1, to plot the price ceiling of $400 on skateboards. d. What will be the result of a price ceiling of $400 on skate boards
Use the following supply and demand schedules for skate boards in table 18.1, to answer the questions 18(a). to 18(d) below. Table 18.1 Price ($) Quantity Demanded Quantity Supplied 300 60 30 400 55 40 500 50 50 600 45 60 700 40 70 800 35 80 a. In response, to lobbying by the skate board association, the government places a price ceiling st the price of $700 on skate boards. What will this have on the market for skate boards? Explain your answer. b. In response, to lobbying by the skate board association, the government places a price ceiling of $400 on skate boards. Use the information provided in Table 18.1, to plot the supply and demand curve for skate boards c. Use the information provided in Table 18.1, to plot the price ceiling of $400 on skateboards. d. What will be the result of a price ceiling of $400 on skate boards
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
Use the following
18(a). to 18(d) below.
Table 18.1
| Price ($) | Quantity Demanded | Quantity Supplied |
| 300 | 60 | 30 |
| 400 | 55 | 40 |
| 500 | 50 | 50 |
| 600 | 45 | 60 |
| 700 | 40 | 70 |
| 800 | 35 | 80 |
a. In response, to lobbying by the skate board association, the government places a
b. In response, to lobbying by the skate board association, the government places a price ceiling of $400 on skate boards. Use the information provided in Table 18.1, to plot the supply and demand curve for skate boards
c. Use the information provided in Table 18.1, to plot the price ceiling of $400 on skateboards.
d. What will be the result of a price ceiling of $400 on skate boards?
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