1) Draw supply and demand curves representing the market for tickets to a University of Michigan home football game.  Indicate the...

1) Draw supply and demand curves representing the market for tickets to a University of

Michigan home football game.  Indicate the equilibrium price of a ticket on the appropriate

axis. Suppose that the Regents decide to implement an effective price ceiling so that students

will be able to afford to go to the game.  Illustrate this price ceiling.  What happens to consumer

and producer surplus?  What happens to economic surplus?  How does this ceiling affect

allocative efficiency?  Explain well what has occurred.