X Movies Tickets Quantity Demanded Quantity Supplied $14 I million 7 million 12 6 10 5 5 8 7 4 6 9 3 4 11 2 2 13 1. What was the equilibrium price $ and quantity in the Movie ticket Market in 2018? 2. How much surplus are consumers getting? 3. How much surplus are producers getting? 4. What is the total surplus? 5. In February, AMC decided to change their ticket price from $6 to $12 dollars. Which direction would this shift demand? (Left/Right/Neither) a. Is demand elastic or inclastic? 6. Avengers: Infinity War was released in April of 2018. AMC HQ decided to impose a price floor $3 below the equilibrium price. a. What will tickets now sell for $ and how many will be sold? b. What will be the resulting amount of surplus/shortage? 7. AMC decided that they didn't like their price floor and decide to impose a price ceiling $1 below the equilibrium price. a. What will tickets now sell for $ and how many will be sold? b. What will be the resulting amount of surplus/shortage? 8. Before the price controls were imposed, Congress decided that everyone should have easier access to movie theaters and decided they wanted to repave roads. Therefore they decide to impose a $2 tax/ticket. a. Who would you predict bears the burden of incidence (Ticket Buyers/AMC)? b. What is the new market price for tickets? $ C. How much tax revenue do they make? $ d. What is the consumer and producer surplus in this taxed market? e. How much deadweight loss? MacBook Air am OSC 2 3 5 delete P WV tab