Changes

{| class="wikitable"

{| class="wikitable"

|-

|-

|Quantity of "Obstructed-View" Tickets

|Price/Ticket

|Demand Price/Ticket

|Supply quantity at that price

|Supply Price/Ticket

|-

|-

|300

|300

|-

|-

|600

|600

|-  

|-  

|$3

|$3

|$7

|300

|-

|1200

|-  

|-  

|}

|}

(A) How many "obstructed view" bleacher seats did the New York Yankees build, based on the above data, and how much does the team make from sales of these tickets at each game?

(A) Given the above supply and demand (you might find it easier to graph it), how many "obstructed view" bleacher seats did the New York Yankees build, and how much does the team make from sales of "obstructed view" tickets at each game?

<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?

<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, because politicians felt that fans should not pay more if they do not get a full view of the field.  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?

6.  "Time is money."  Explain.  Or, as an alternative, improve on our definition of a "free market."  Or, as a third alternative, explain how the free market is so much powerful than even the wealthiest people in the world.

6.  "Time is money."  Explain.  Or, as an alternative, improve on our definition of a "free market."  Or, as a third alternative, explain how the free market is so much powerful than even the wealthiest people in the world.