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Price Floor and Price Ceiling - PowerPoint PPT Presentation


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Price Floor and Price Ceiling. Motivation. Has anyone been to a sold out concert recently? Who did you see? What was the ticket price?. Objective. Understand the concepts of price floors and price ceilings.

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Presentation Transcript
motivation
Motivation
  • Has anyone been to a sold out concert recently? Who did you see? What was the ticket price?
objective
Objective
  • Understand the concepts of price floors and price ceilings.
  • Be able to explain how milk and concert tickets are also examples of floors and ceilings.
  • Read and comprehend the examples of minimum wage and rent control.
basic price floors and price ceilings
Basic Price Floors and Price Ceilings

Examine handout 9-1 and do questions 1- 4.

Relate the concepts to the charts on floors and ceilings.

price ceiling
Price Ceiling
  • a maximum price set by the government (or an agency) below the Equilibrium point. (For example: Concert tickets)
  • Helps Buyers.
  • Creates a shortage.
  • A black market emerges.
price floor
Price Floor
  • a minimum price set by the government (or an agency) above the Equilibrium point. (For example: milk)
  • Helps Sellers
  • Creates a Surplus
individual practice
Individual Practice
  • Read articles on Rent Control and Minimum Wage.
  • Answer questions regarding each of them in relation to price floors and ceilings.