ALL QUESTIONS ANSWERED TO 2 DECIMALS Spears Gill owns the New York Pythons, A professional Math team, Each time the team plays in Pythons Stadium it costs Spears $179,000 for rent, staffing, stadium preparation, etc. Current ticket prices Pythons home game are $30 per ticket, and an average game draws 7500 fans which is only 50% the Stadium's capacity. Since Spears studied economics he knows that the market for Math games in New York is not at equilibrium, Ticket Price 28- 26- 24- 4800 6400 8000 9600 Number of Tickets Sold USE CHART ABOVE AND TABLE BELOW TO ANSWER FOLLOWING QUESTIONS (3 Points) What is the Equilibrium Price?point's ) possible Submit quiz USE CHART ABOVE AND TABLE BELOW TO ANSWER FOLLOWING QUESTIONS (3 Points) What is the Equilibrium Price? What is the Equilibrium Quantity? What needs to occur for equilibrium to be reached(ref question for current situation)? Price Increases, No Change in Quanitity Demanded Price Decreases Quantity Demanded Increases No Change in Price, Quantity Supplied Decrease |Price Increases Quantity Supplied Decrease TABLE 1: Fill out the table (9 Points) Ticket Quantity demanded Quantity Supplied Elasticity of Demand Elasticity Price (No Neg. Numbers) USE () for Inelastic, U for Unit (From Prev Price) E for Elastic) 29 9750 8703 30 9000 9000 31 8250 9303 32 7500 9603 33 6750 9903 34 6000 10203 35 5250 10503Indicate the change in price and quantity for the shown event in bold. (6 Points) The price of Rugby tickets has increased, Rugby are considered a substitute good. Quantity: Increase Uncertain Decrease Unchanged Price: O Uncertain Decrease Unchanged Increase The cost of playing the sport has lowered interest in attending Pythons Games. Quantity: O Uncertain Decrease Increase Unchanged Price: Increase Uncertain Unchanged O Decrease The cost of plaving the sport has lowered interest in attending Pythons Games. & The salary of plavers on the Pythons have decreased.The cost of playing the sport has lowered interest in attending Pythons Games. & The salary of players on the Pythons have decreased. Quantity: O Increase Unchanged Uncertain Decrease Price: Increase Decrease Uncertain Unchanged With the information below and chart answer following questions. (6 Points)A Price Floor of $29 has been set by the Math ruling body for all games and is shown on the chart below. 40- 38- 36- 34- Ticket Price 32- 30- 28- 26- 24- 4800 6400 8000 9600 Number of Tickets Sold With this price control in effect: What would be the market price?$ What would be the number of tickets exchanged(Refer to Table 1)? Is the market operating efficiently?With this price control in effect: What would be the market price?$ What would be the number of tickets exchanged(Refer to Table 1)?|tickets Is the market operating efficiently? Yes Cannot Determine Sometimes NoWith the information below and chart answer following questions. (6 Points) A Price Floor of $31 per ticket has been set by the Math ruling body for all games and is shown on the chart below. 40- 38- Ticket Price 32- 30- 28- 26- 24- 4800 6400 8000 9600 Number of Tickets Sold With this price control in effect: What would be the market price?$4500 6400 8000 9600 Number of Tickets Sold With this price control in effect: What would be the market price?s What would be the number of tickets exchanged(Refer to Table 1)? Is the market operating efficiently? O Yes No O Sometimes O Cannot Determine (3 Points) Bottom of Bracket Top of Bracket Rate $44,386 16% $44,386 $88,772 21% $88,772 $155,351 26% 155,351 Rest of Income 86% The top player on the Pythons is Abram Trujillo and they earn $103,594 per season, Assuming this is their entire income answer the following questions using the table above What is their total income taxes? s What is their marginal income tax rate (As a Percentage)?% What is their average tax rate, Assume($20500 for Income Tax)?%(3 Points) Bottom of Bracket Top of Bracket Rate SO $44,386 16% $44.386 $88,772 21% $88,772 $155,351 26% 155,351 Rest of Income 36% The top player on the Pythons is Abram Trujillo and they earn $103,594 per season. Assuming this is their entire income answer the following questions using the table above: What is their total income taxes? s What is their marginal income tax rate (As a Percentage)?|% What is their average tax rate, Assume($20500 for Income Tax)?% Answer the following questions regarding concerning Elasticity (3 Points) 1. What is the total revenue if there are 7500 tickets sold at a price of $32?s 2 if tickets prices have an Elasticity of Demand of 1.13 and we Increase prices by 22%, what is the percent change in quantity?% 3. What would happen to total revenue we Increase prices by 22%? O No Change Increase Uncertain Decrease