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mLine 49:
Line 49: − <br>(B) Suppose the City of New York passed a law for a maximum price (a "price control") of $2 per "obstructed view" bleacher ticket. Will the obstructed-view seats sell out under this law, and will people have to wait in line in order to buy them? Would you oppose or support such a law, and why?+
Economics Homework Two - Model (view source)
Revision as of 03:48, September 21, 2009
, 03:48, September 21, 2009sp
:They made 600 "obstructed view" bleacher seats, and they make $3000 at each game. (Timothy)
:They made 600 "obstructed view" bleacher seats, and they make $3000 at each game. (Timothy)
(B) Suppose the City of New York passed a law for a maximum price (a "price control") of $2 per "obstructed view" bleacher ticket. Will the obstructed-view seats sell out under this law, and will people have to wait in line in order to buy them? Would you oppose or support such a law, and why?
:Yes, the tickets will sell out unless you have more than 1000 seats. Yes, you will have to wait in line because demand exceeds supply. I would oppose such a law because it doesn’t go along with the free market. (Mark)
:Yes, the tickets will sell out unless you have more than 1000 seats. Yes, you will have to wait in line because demand exceeds supply. I would oppose such a law because it doesn’t go along with the free market. (Mark)