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dimulka [17.4K]
3 years ago
10

A large group of fans are upset about the high price of tickets to many events. As a result of their lobbying efforts, a new law

caps the maximum ticket price to any sporting event at $50. Assume there are a fixed amount of seats in the stadium, all seats are available to be sold, and the price of tickets before the ceiling was at an equilibrium point above $50. The price ceiling will create a ___________ of tickets, which will be greater if demand is more _______________, and _________ people will attend the events.
Business
1 answer:
Ierofanga [76]3 years ago
5 0

Answer:

The correct answer is: shortage; elastic; same number of.

Explanation:

Suppose the price ceiling is fixed at $50. The market equilibrium price is more than $50. This means that the price ceiling is binding.

Fixing the price ceiling below the equilibrium price level will create a shortage of tickets. There is an inverse relationship between price and quantity demanded. So the quantity demanded will be higher at a lower price. The quantity supplied on the other hand will be lower. This is because the quantity supplied is positively related to the price.

So at the ceiling price the quantity demanded will be higher than the quantity supplied. This shortage will be more if the demand is elastic. An elastic demand implies that a decrease in price will cause the quantity demanded to increase to a greater extent.

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lbvjy [14]

Answer:

Net income for the current period is $2,350.

Explanation:

Calculation of Net Income for the Current Period.

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Fees earned                                                             7,250

Less Expenses :

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Supplies expense                                        115

Depreciation expense—equipment          190   (4,900)

Net Income / (Loss)                                              2,350

3 0
3 years ago
If you are in a car accident cause by someone else who also has insurance, which type of insurance plan will not require you to
max2010maxim [7]
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4 years ago
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Ilya [14]
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6 0
3 years ago
A dozen eggs cost $0.96 in December 2000 and $2.75 in December 2015. The average wage for workers in private industries was $14.
Tom [10]

Answer:

By 186% the price of a dozen eggs rise.

Explanation:

Given that,

Cost in December 2000 = $0.96

Cost in December 2015 = $2.75

Average wage for December 2000 = $14.28 per hour

Average wage for December 2015 = $21.26

By considering these information, we are able to calculate the increase price percentage of a dozen eggs. The calculation is shown below:

= (December 2015 price - December 2000 price ) ÷ (December 2000 price) × 100

= ($2.75 - $0.96) ÷ ($0.96) × 100

= ($1.79) ÷ ($0.96) × 100

=  186%

Thus, by 186% the price of a dozen eggs rise.

4 0
3 years ago
During each stage of a product's life cycle, the types and levels of sales, profits, and competition rise, peak, and eventually
Oliga [24]

Answer:

a

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this is due to the initial uptake for the product . it levels to repeat customers but others drop off the sales due to other reasons

4 0
3 years ago
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