Changes

1)  quantity; price

1)  quantity; price

2)  Let Q= Quantity and P=Price. Since both equations are already solved for P, we can insert (6+Q) in for P in P=30-Q. By simplifying we get 2Q=24, or Q=12.  We then substitute Q=12 in for Q in either of the original equations.  Again simplifying, our answer come out to P= 18.  Reinserting units our final answer is P= 18$, while Q=12.

2)  Let Q= Quantity and P=Price. Since both equations are already solved for P, we can insert (6+Q) in for P in P=30-Q. By simplifying we get 2Q=24, or Q=12.  We then substitute Q=12 in for Q in either of the original equations.  Again simplifying, our answer come out to P= 18.  Reinserting units our final answer is P= $18, while Q=12.

5.) A.  The Yankees built 600 “obstructed view” bleacher seats, because that is where the supply and demand price intersect.  The Yankees make 3000$ per game from these seats, which is not much, but the amount that they make from the luxury boxes that obstruct these seats far outweighs the money lost for those 600 seats.

5.) A.  The Yankees built 600 “obstructed view” bleacher seats, because that is where the supply and demand price intersect.  The Yankees make $3000 per game from these seats, which is not much, but the amount that they make from the luxury boxes that obstruct these seats far outweighs the money lost for those 600 seats.

       B.  If the City of New York passed a law limiting the price of “obstructed view” tickets to 2$, we can see from the supply and demand statistics that they would be sold out extremely quickly, which would cause a shortage and lead to a long waiting line.  I strongly feel that government should have no say in what you charge for your private business, that would be like saying you cannot charge anymore than 2$ for a carwash, or something similar to that.  However, if the Yankees for whatever reason felt compelled to do this on their own, then more power to them.

       B.  If the City of New York passed a law limiting the price of “obstructed view” tickets to $2, we can see from the supply and demand statistics that they would be sold out extremely quickly, which would cause a shortage and lead to a long waiting line.  I strongly feel that government should have no say in what you charge for your private business, that would be like saying you cannot charge anymore than $2 for a carwash, or something similar to that.  However, if the Yankees for whatever reason felt compelled to do this on their own, then more power to them.

6.)  The free market is much more powerful than the wealthiest people in the world because the opinion of one is nothing compared to the opinion of many.  Similarly, Michael Phelps, the greatest swimmer of all time, is no match to the free moving ocean.  No matter which direction he feels like swimming in, if the ocean chooses to drag him a particular way, he will be far outmatched and his individual strength will be meaningless.

6.)  The free market is much more powerful than the wealthiest people in the world because the opinion of one is nothing compared to the opinion of many.  Similarly, Michael Phelps, the greatest swimmer of all time, is no match to the free moving ocean.  No matter which direction he feels like swimming in, if the ocean chooses to drag him a particular way, he will be far outmatched and his individual strength will be meaningless.

7.)  Don’t even get me started on health care and these fools that think socialized medicine is a good idea.  What 99.99% of these idiots don’t understand is that regardless of how low the price seems, it still costs just as much… sure it may cost 200$ to get a basic MRI in a country like Canada or England, opposed to the 800$ it will cost in the United States, but #1 you will have to wait 10x longer to get it done, and #2 that extra 600$ that you think you are saving is just paid for by taxes.  So naturally waiting lists develop because everyone thinks it is so inexpensive to get treatment, when it is really not cheaper at all, perhaps even more expensive than in a free market!  What people also fail to mention is this: you cannot put a price on human life.  It is really sick if you think about these socialist countries and their medical philosophies.  They are not worried about the care that their patients receive, rather they are trying to be more cost efficient, which is something that you do not generally do when human life is at stake.

7.)  Don’t even get me started on health care and these fools that think socialized medicine is a good idea.  What 99.99% of these idiots don’t understand is that regardless of how low the price seems, it still costs just as much… sure it may cost $200 to get a basic MRI in a country like Canada or England, opposed to the $800 it will cost in the United States, but #1 you will have to wait 10x longer to get it done, and #2 that extra $600 that you think you are saving is just paid for by taxes.  So naturally waiting lists develop because everyone thinks it is so inexpensive to get treatment, when it is really not cheaper at all, perhaps even more expensive than in a free market!  What people also fail to mention is this: you cannot put a price on human life.  It is really sick if you think about these socialist countries and their medical philosophies.  They are not worried about the care that their patients receive, rather they are trying to be more cost efficient, which is something that you do not generally do when human life is at stake.

[[Category: Economics Homework Two Answers]]

[[Category:Economics Homework Two Answers]]