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Economics Lecture Two (view source)

Revision as of 20:20, August 17, 2009

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(A) What is the "free market" or equilibrium price for the bleacher tickets?
 
(A) What is the "free market" or equilibrium price for the bleacher tickets?
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<br>(B) Suppose the City of New York passes a law for a maximum price (price control) of $<> per bleacher ticket.  What do you think will happen for the price of tickets by scalpers (illegal resales at a different price)?
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<br>(B) Suppose the City of New York passes a law for a maximum price (price control) of $<> per bleacher ticket.  What do you think the effect of this law on the ticket availability will be (e.g., how easy will it be to buy these tickets)?
    
6.  "Time is money."  Explain.
 
6.  "Time is money."  Explain.
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