Principles of Economics 2e
2nd Edition
ISBN: 9781947172364
Author: Steven A. Greenlaw; David Shapiro
Publisher: OpenStax
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Graded individual Assignment
[Principles of Economics (ECON1000) Academic Year 2024/2025, Semester 1]
Section C 19 marks
5. In response to lobbying by the skateboard manufacturers, the government places a price
floor of $700 on skate boards. Use the following supply and demand schedules for
skateboards in Table 5.1 to answer the questions below.
Table 5.1
Price ($)
Quantity Demanded
Quantity Supplied
300
60
30
400
55
40
500
50
50
600
45
60
700
40
70
800
35
80
a. Use the information provided in Table 5.1, to plot the supply and demand curve for
skateboards. 12 marks
b. Using the answer from question 5a, show the price floor in the diagram. 3 marks
c. What would be the impact if the government reconsidered and introduced a price
ceiling of $550? 4 marks
End of Individual Assignment
Q
J
P
حالی
...
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Transcribed Image Text:ill
0
To
PDE ECON1000 Indiividual assignme X
Qbartley - Search
File
b Search results for '5. In response X
b Answered: Use the following sup X
New tab
QmathGPT - Search
MathGPT | Al Math Solver & Cal x+
▼ Draw
F:/ECON%201000/ECON 1000%20Indiividual%20assignment.pdf
[T]
A aあ
Ask Copilot
+
4
of 4
Q D
Graded individual Assignment
[Principles of Economics (ECON1000) Academic Year 2024/2025, Semester 1]
Section C 19 marks
5. In response to lobbying by the skateboard manufacturers, the government places a price
floor of $700 on skate boards. Use the following supply and demand schedules for
skateboards in Table 5.1 to answer the questions below.
Table 5.1
Price ($)
Quantity Demanded
Quantity Supplied
300
60
30
400
55
40
500
50
50
600
45
60
700
40
70
800
35
80
a. Use the information provided in Table 5.1, to plot the supply and demand curve for
skateboards. 12 marks
b. Using the answer from question 5a, show the price floor in the diagram. 3 marks
c. What would be the impact if the government reconsidered and introduced a price
ceiling of $550? 4 marks
End of Individual Assignment
Q
J
P
حالی
...
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