Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506725
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 2, Problem 12CQ
To determine
Explain the selling of ticket at a lower
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Economics: Private and Public Choice (MindTap Course List)
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- Choose one of the following examples and explain whether you think that the government should ban the product. Cigarettes. Beer, wine, or liquor. Fast food.arrow_forwardWhat constitutes trading according to tax lawarrow_forwardWith respect to supply and demand, please give a specific example where a supply and demand were impacted by the lockdown. What impact did it have on the price of that good or service? What alternatives were available to avoid purchasing that good or service?arrow_forward
- Many cities have experienced a substantial decrease in the amount of garbage being collected after they changed from levying a flat tax on each household to a system where the homeowner is charged a fee for each bag or can picked up. Would this have been the result of a change in demand or a change in the quantity demanded? Would you recommend the flat fee or the fee per bag? Why?arrow_forwardWhy was Napster illegal? Is there an article to prove this?arrow_forwardAre Prohibitions Against Price Gouging Good or Bad? What happens to the prices of items like generators, fuel, plywood and ice during natural disasters? Explain. (Note: Supply and demand analysis is helpful here.) Should government impose price controls? If the controls keep the prices from rising, how will this affect the flow of these items into the disaster area?arrow_forward
- When considering the possibility of legalizing the recreational use of cannabis, had the state governments of California and Maine already anticipated the price decline for cannabis after legalization? If yes, should the state governments of California and Maine choose the tax-per-price scheme or the tax-per-weight scheme?arrow_forwardIf a government decided to impose price controls on gasoline, what could it do to avoid the time wasted waiting in lines? The government could limit the number of gallons that a person could buy. sell any unsold gasoline in auctions without price controls. limit the amount of gasoline companies could produce. provide incentives for companies to build more gas stations.arrow_forwardRecognize how changes in supply and demand affect market outcomes and explain the effect of government regulation on prices?arrow_forward
- Answer the following questions with the graph and match the key words with the correct box. a) before the government imposes its regulation, what is the price of the crab? b) What is the demand price after the quota? c) What is the quota for the crab?arrow_forward2. The quantity 'ď' of TVs sold (demanded) is related to the price as follows: Qd = 1720 – 0.50p a. What is the demand (in thousands) if the price is 1440? b. What is the demand if the price is 2500? c. What price should we charge if we want to sell 500 thousand TVs? 3. Suppose the demand for lychees is given by the following equation: Qd = 4000 – 100P + 500PM where P is the price of lychees and PM is the price of mangoes a. What happens to the demand for lychees when the price of mangoes goes up? Are lychees and mangoes substitute or complements? b. Graph the demand curve for lychees when PM = 2. 4. An economic consultant for X Corp. recently provided the firm's marketing manager with demand function for the firm's product: this estimate of thearrow_forwardThe graph below depicts the daily demand and supply for parking spaces. The demand curve is downward sloping as usual, but the supply curve is vertical because there are a fixed number of spaces available at any given time. If the university does not charge a price to park by the hour, the problem this causes is a ______. To resolve this problem the university could charge $ _______ per hour to park. Part 2. The diagram below is a more realistic depiction of the market for parking spaces at another university. Rather than a single demand curve, there are two demands depending on the time of day. Peak demand, Dpeak, occurs between 9am and 3pm, and off peak demand, Doffp, occurs the rest of the day. Suppose the university want to add enough spaces to eliminate the shortage. How many additional spaces would the university need to add? ______ spaces Part 3. Suppose the university does not have enough funds to provide any more spaces. In order to eliminate parking congestion,…arrow_forward
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