1. Price Floor and Price Ceiling
4/1/2017
Price Floor and Price Ceiling

2. 4/1/2017
Motivation
Has anyone been to a sold out concert recently? Who did you see? What was the ticket price?

3. Objective Understand the concepts of price floors and price ceilings.
4/1/2017
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.

4. Basic Price Floors and Price Ceilings
4/1/2017
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.

5. 4/1/2017
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.

6. 4/1/2017
Price Floor
a minimum price set by the government (or an agency) above the Equilibrium point. (For example: milk)
Helps Sellers
Creates a Surplus

7. 4/1/2017

8. Read articles on Rent Control and Minimum Wage.
4/1/2017
Individual Practice
Read articles on Rent Control and Minimum Wage.
Answer questions regarding each of them in relation to price floors and ceilings.

9. 4/1/2017
Rent Control

10. 4/1/2017
Minimum Wage