-The table above gives the supply and demand schedules for scooters. Because of increased injuries sustained by children riding scooters, Citizens Against Scooter Accidents successfully lobbies the government to impose a price floor of $80.00 on scooters.
a) What is the quantity demanded and supplied after the price floor has been imposed?
b) Is there any shortage or surplus at this price floor? If so, how much?
c) If the price floor is raised to $110.00, what is the quantity demanded and supplied?
d) At a price floor of $110.00, is there any shortage or surplus? If so, how much?
Definitions:
Revenue
Revenue is the total amount of income generated by the sale of goods or services related to a company's primary operations.
Business-Hour Usage
The utilization of services, resources, or facilities during the established operational hours of a business.
Long-Distance
a term used to describe an extensive physical distance or a communication method over such distances.
Overtime Rate
The rate of pay for hours worked in excess of the standard working hours.
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