A recent study found that the demand and supply schedules for Frisbees are as follows;PRICE QUANTITY S QUANTITY D;$6.00 1,000,000 10,000,000;$7.00 3,000,000 8,000,000;$8.00 6,000,000 6,000,000;$9.00 9,000,000 4,000,000;$10.00 12,000,000 2,000,000;$11.00 15,000,000 1,000,000;a. Frisbee manufacturers persuade the government that Frisbee production improves scientists;understanding of aerodynamics and thus is important for national security. Congress votes to;impose a price floor $2 above the equilibruim price. What is the new market price? How many Frisbees are sold?;b. Irate college students march on Washington & demand a reduction in the price of frisbees. Congress;votes to appeal the price floor and impose a price ceiling $1 below the former price floor. What is the;new market price? How many frisbees are sold?
Paper#28034 | Written in 18-Jul-2015Price : $22