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PLEASE ANSWER THE QUESTION INTO 2 DECIMALS A Price Floorof $29 has been set by the Mathruling body for all games and is shown on
PLEASE ANSWER THE QUESTION INTO 2 DECIMALS
A Price Floorof $29 has been set by the Mathruling body for all games and is shown on the chart below. 36- 34- 32- 30- Ticket Price 28- 26- 24- 22- 3200 4800 6400 8000 Number of Tickets Sold With this price control in effect: What would be the market price?$ What would be the number of tickets exchanged(Refer to Table 1)? Is the market operating efficiently? Yes O No O Cannot Determine O Sometimes (3 Points) Bottom of Bracket Top of Bracket Rate SO $48,475 19% $48,475 $96,950 23% $96,950 $169,663 28% 169,663 Rest of Income 37% The top player on the Infernois DaxRoaand they earn $179,473 per season. Assuming this is their entire income answer the following questions using the table above: What is their total income taxes? $ What is their marginal income tax rate (As a Percentage)?% What is their average tax rate, Assume($44500 for Income Tax)?% Answer the following questions regarding concerning Elasticity:(3 Points) 1. What is the total revenue if there are 5580tickets sold at a price of $29?$ 2. If tickets prices have an Elasticity of Demand of 1.15and we Increaseprices by 18what is the percent change in quantity?%% 3. What would happen to total revenue we Increaseprices by 18%? O No Change O Uncertain O Increase O DecreaseA Price Floorof $29 has been set by the Mathruling body for all games and is shown on the chart below. 36- 34- 32- 30- Ticket Price 28- 26- 24- 22- 3200 4800 6400 8000 Number of Tickets Sold With this price control in effect: What would be the market price?$ What would be the number of tickets exchanged(Refer to Table 1)? Is the market operating efficiently? Yes O No O Cannot Determine O Sometimes (3 Points) Bottom of Bracket Top of Bracket Rate SO $48,475 19% $48,475 $96,950 23% $96,950 $169,663 28% 169,663 Rest of Income 37% The top player on the Infernois DaxRoaand they earn $179,473 per season. Assuming this is their entire income answer the following questions using the table above: What is their total income taxes? $ What is their marginal income tax rate (As a Percentage)?% What is their average tax rate, Assume($44500 for Income Tax)?% Answer the following questions regarding concerning Elasticity:(3 Points) 1. What is the total revenue if there are 5580tickets sold at a price of $29?$ 2. If tickets prices have an Elasticity of Demand of 1.15and we Increaseprices by 18what is the percent change in quantity?%% 3. What would happen to total revenue we Increaseprices by 18%? O No Change O Uncertain O Increase O DecreaseStep by Step Solution
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