Social Psychology (10th Edition)
Social Psychology (10th Edition)
10th Edition
ISBN: 9780134641287
Author: Elliot Aronson, Timothy D. Wilson, Robin M. Akert, Samuel R. Sommers
Publisher: Pearson College Div
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 A recent study found that the demand and supply schedules for Frisbees are as follows:
Price per Frisbee
Quantity Demanded
Quantity Supplied
$11
 1 million Frisbees
15 million Frisbees
 10
 2
12
  9
 4
 9
  8
 6
 6
  7
 8
 3
  6
10
 1
a. What are the equilibrium price and quantity of Frisbees?
b. Frisbee manufacturers persuade the government that Frisbee production improves scientists' understanding of aerodynamics and thus is important for national security. A concerned Congress votes to impose a price floor $2 above the equilibrium price. What is the new market price? How many Frisbees are sold?
c. Irate college students march on Washington and demand a reduction in the price of Frisbees. An even more concerned Congress votes to repeal 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?

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