Please check the image provided $-$ ALL QUESTIONS ANSWERED TO $2$ DECIMALS

Perkins Luna owns the Vancouver Pythons, A professional Cricket team. Each time the team plays in Pythons Stadium it costs

Perkins $$138,000$ for rent, staffing, stadium preparation, etc. Current ticket prices for a Pythons home game are $$25$ per ticket,

and an average game draws $5600$ fans which is only $35\%$ the Stadium's capacity. Since Perkins studied economics he knows

that the market for Cricket games in Vancouver is not at equilibrium.

$26$

$24-$

$22-$

$20$

$18-$

$2800$

Ticket Price

$40$

$38$

$36-$

$34$

$32$

$30-$

$5600$

$7000$

$8400$

Quantity Supplied

No Change in Price,Quantity Supplied Decrease

Price Increases, No Change in Quanitity Demanded

TABLE $1$: Fill out the table $(9$ Points$)$

Ticket Quantity demanded

Price

$4200$

Number of Tickets Sold

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 Decreases,Quantity Supplied Decreases

Price Increases, Quantity Supplied Decrease

Elasticity of Demand

$($No Neg. Numbers$)$

$($From Prev. Price$)$

Elasticity

USE $($I for Inelastic, U for Unit

E for Elastic$)$

$23$

$25$

$27$

$29$

$31$

$33$

$35$

$8000$

$7200$

$6400$

$5600$

$4800$

$4000$

$3200$

$5456$

$5931$

$6400$

$6879$

$7354$

$7828$

$8303$

Indicate the change in price and quantity for the shown event in bold. $(6$ Points$)$

The government has begun to tax sports teams.

Quantity:

Increase

Unchanged

Price:

Increase

Uncertain

Uncertain

Decrease

Decrease

Unchanged New technology has improved productivity of Pythons employees.

Quantity:

Uncertain

Unchanged

Price:

Uncertain

Increase

Increase

Decrease

Unchanged

Decrease

New technology has improved productivity of Pythons employees. &

The population of Pythons fans in Vancouver has grown.

Quantity:

Decrease

Uncertain

Price:

Uncertain

Increase

Unchanged

Increase

Decrease

Unchanged

With the information below and chart answer following questions. $(6$ Points$)$

A Price Ceilling of $$29$ per ticket has been set by the Cricket ruling body for all games and is shown on the chart below.

$40-$

$38$

$36$

$34$

$32$

$30$

$28$

$26$

$24$

Q

Ticket Price

$22$

$20$

$18-$

$2800$

$5600$

$7000$

$8400$

$4200$

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?

Sometimes

No

tickets

Cannot Determine

Yes Ticket Price

A Price Ceilling of $$25$ has been set by the Cricket ruling body for all games and is shown on the chart below.

$40$

$38$

$36$

$34-$

$32$

$30$

$28$

$26-$

$24-$

$22$

$20$

$18$

$5600$

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?

No

Yes

$2800$

$4200$

$7000$

$8400$

Cannot Determine

Sometimes

Top of Bracket

$$40,831$

$$81,662$

$$142,909$

Rest of Income

Rate

$13\%$

$15\%$

$17\%$

$21\%$

$\%$

$\%$

$(3$ Points$)$

Bottom of Bracket

$$0$

$$40,831$

$$81,662$

$142,909$

The top player on the Pythons is Willis Santiago and they earn $$109,926$ 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$($$$16500$ for Income Tax$)?$

Answer the following questions regarding concerning Elasticity:$(3$ Points$)$

$1.$ What is the total revenue if there are $5600$ tickets sold at a price of $$29?$

$2.$ If tickets prices have an Elasticity of Demand of $0\mathrm{.}3$ and we Decrease prices by $14\%,$ what is the percent change in quantity?

$3.$ What would happen to total revenue we Decrease prices by $14\%?$

Uncertain

No Change

Decrease

IncreaseALL QUESTIONS ANSWERED TO $2$ DECIMALS

Perkins Luna owns the Vancouver Pythons, A professional Cricket team. Each time the team plays in Pythons Stadium it costs

Perkins $$138,000$ for rent, staffing, stadium preparation, etc. Current ticket prices for a Pythons home game are $$25$ per ticket,

and an average game draws $5600$ fans which is only $35\%$ the Stadium's capacity. Since Perkins studied economics he knows

that the market for Cricket games in Vancouver is not at equilibrium.

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$)?$

No Change in Price, Quantity Supplied Decrease

Price Decreases, Quantity Supplied Decreases

Price Increases, No Change in Quanitity Demanded

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 $($I for Inelastic, U for Unit

$($From Prev. Price$)$ E for Elastic$)$

Indicate the change in price and quaPle