Answer to Question #295512 in Macroeconomics for Shawn

Question #295512

There are many alternatives entertainment methods which has resulted in a huge decrease in theme park visitors. The government is considering imposing a price floor or providing a subsidy to theme park visitors. Appraise the welfare effects of the two policies with suitable theme park market diagrams.Your diagrams should take into consideration the price elasticity of supply and demand of theme park in general.

Expert's answer

a price floor:

subsidy:

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