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The availability of alternative entertainment methods has resulted in a large decrease in theme-park visitors. To help the theme-park operators, the government is contemplating imposing a price floor for theme-park tickets or provide a subsidy to theme park visitors. Appraise the welfare effects of these two policies with suitable theme-mark market diagrams. Your diagrams should take into consideration of the price elasticity of demand and supply of theme-park in general.
This document contains various important questions and their appropriate answers in the subject field of Economics.
Economics is the study of the principles governing the allocation of scarce means among competing ends when the objective of the allocation is to maximize the attainment of the ends.
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