Maxim Luna owns the Edmenton Colossal, A professional Cricket team. Each time the team plays in Colossal Stadium it oosts Maxim 5182,000 for rent, ataffing. stadium preparation, etc. Current ticket prices for a Colossal home game are $28 per bcket, and an average game draws 5600 fans which is only 35% the Stadium's capacity. Since Maxim studied economics he knows that the market for Cricket games in Edmonton is not at equilibrium. ALL QUESTIONS ANSWERED TO 2 DECIMALS Maxim Luna owns the Eamonton Colossal, A professional Cricket team. Each time the team plays in Colossal Stadiumit costs Maxim $182,000 for rent, stalfing. stadium preparabon, otc. Current ticket prices for a Colossal home game are $28 per ticket, and an average game draws 5600 fans which is only 35% the Stadium's capacity Since Maxim studiod economics ho knows that the market for Cricket games in Edmonton is not at oquilibrium. USE CHART AGOVE AND TABLE BEL OW TO ANSWER FOULOWING OUESTIONS (3 Points) What is the Equiltrium Price? What is the Equilbriam Quantily? What noeds to occur for equi brum to be reached(refer to question for current satuation)? Pico Decreases, Ouantiyy Suppled Decreases. No Change in Price. Quartay Dertanded Increase. Piso hncreases No Change in Cuantty Dermanded Price lncreases, Quareyy Demanded increase Indicate the change in price and quantity for the shown event in bold. (6 Points) The salary of players on the Colossal have increased Quantity: Increase Unchanged Uncertain Decrease Price: Urichangod Uncertain Docreaso Increase New technology has improved productivity of Colossal employees. Quantity: Unchanged Uncertain Decrease Increase Price: New technology has improved productivity of Colossal employees. Quantity: Unchanged Decrease Uncertain Increase Price: increase Unchanged Decrease Uncertain New technology has improved productivity of Colossal employees. \& The price of Math tickets has increased, Math are considered a substitute good. Quantity: Decrease Increase Uncertain Unchanged New technology has improved productivity of Colossal employees. \&. The price of Math tickets has increased, Math are considered a substitute good. Quantity: Decrease Increase Uncertain Unchanged Price: Decrease Unchangod increase Uncortain With the information bolow and chart answer following questions. (6 Points) A Price Ceilling of $32 per ticket has been set by the Cricket ruling body for all games and is shown on the chart below With the information below and chart answer following questions. ( 6 Points) A Price Ceilling of $32 per ticket has been set by the Cricket ruling body for all games and is shown on the chart below. With this price control in effect: What would be the market price?\$ What would be the number of tickets exchanged(Refer to Tabie 1)? Is the market operating efficiently? Sometimes Cannot Determine No Yes: The top playor on the Colossal is Mila Roa and they eam $162,124 per season. Assuming this is their entire income answer the following questions using the fab abovo: What is their total income taxes? \$ What is their marginal income tax rate (As a Percentage)? What is their average tax rate, Assume( $26500 for Income Tax)? Answer the following questions rogarding concerning Elasticily: (3 Points) 1. What is the total tevenue if there are 5600 tckets sold at a price of $3625 2. If tickets prices have an Elasticity of Demand of 1.58 and we Decrease prices by 13%, what is the percent change in quantity? Maxim Luna owns the Edmenton Colossal, A professional Cricket team. Each time the team plays in Colossal Stadium it oosts Maxim 5182,000 for rent, ataffing. stadium preparation, etc. Current ticket prices for a Colossal home game are $28 per bcket, and an average game draws 5600 fans which is only 35% the Stadium's capacity. Since Maxim studied economics he knows that the market for Cricket games in Edmonton is not at equilibrium. ALL QUESTIONS ANSWERED TO 2 DECIMALS Maxim Luna owns the Eamonton Colossal, A professional Cricket team. Each time the team plays in Colossal Stadiumit costs Maxim $182,000 for rent, stalfing. stadium preparabon, otc. Current ticket prices for a Colossal home game are $28 per ticket, and an average game draws 5600 fans which is only 35% the Stadium's capacity Since Maxim studiod economics ho knows that the market for Cricket games in Edmonton is not at oquilibrium. USE CHART AGOVE AND TABLE BEL OW TO ANSWER FOULOWING OUESTIONS (3 Points) What is the Equiltrium Price? What is the Equilbriam Quantily? What noeds to occur for equi brum to be reached(refer to question for current satuation)? Pico Decreases, Ouantiyy Suppled Decreases. No Change in Price. Quartay Dertanded Increase. Piso hncreases No Change in Cuantty Dermanded Price lncreases, Quareyy Demanded increase Indicate the change in price and quantity for the shown event in bold. (6 Points) The salary of players on the Colossal have increased Quantity: Increase Unchanged Uncertain Decrease Price: Urichangod Uncertain Docreaso Increase New technology has improved productivity of Colossal employees. Quantity: Unchanged Uncertain Decrease Increase Price: New technology has improved productivity of Colossal employees. Quantity: Unchanged Decrease Uncertain Increase Price: increase Unchanged Decrease Uncertain New technology has improved productivity of Colossal employees. \& The price of Math tickets has increased, Math are considered a substitute good. Quantity: Decrease Increase Uncertain Unchanged New technology has improved productivity of Colossal employees. \&. The price of Math tickets has increased, Math are considered a substitute good. Quantity: Decrease Increase Uncertain Unchanged Price: Decrease Unchangod increase Uncortain With the information bolow and chart answer following questions. (6 Points) A Price Ceilling of $32 per ticket has been set by the Cricket ruling body for all games and is shown on the chart below With the information below and chart answer following questions. ( 6 Points) A Price Ceilling of $32 per ticket has been set by the Cricket ruling body for all games and is shown on the chart below. With this price control in effect: What would be the market price?\$ What would be the number of tickets exchanged(Refer to Tabie 1)? Is the market operating efficiently? Sometimes Cannot Determine No Yes: The top playor on the Colossal is Mila Roa and they eam $162,124 per season. Assuming this is their entire income answer the following questions using the fab abovo: What is their total income taxes? \$ What is their marginal income tax rate (As a Percentage)? What is their average tax rate, Assume( $26500 for Income Tax)? Answer the following questions rogarding concerning Elasticily: (3 Points) 1. What is the total tevenue if there are 5600 tckets sold at a price of $3625 2. If tickets prices have an Elasticity of Demand of 1.58 and we Decrease prices by 13%, what is the percent change in quantity