Question: 7.The table below set out the demand and supply schedule for grouper fingers in Nassau, Bahamas a.Draw a graph of this market and specify the

7.The table below set out the demand and supply schedule for grouper fingers in Nassau, Bahamas

a.Draw a graph of this market and specify the equilibrium price and quantity

b.Explain the situation in the market if the price of grouper fingers is $9 per plate.

c.If the Bahamian government bans the fishing of grouper, how is this action going to affect the market. Explain (10 points)

Price ($ per plate) Qd (per week) Qs (per week)

5 1600 1200

6 1500 1500

7 1400 1700

8 1300 1800

9 1200 1900

10 1000 2000

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Economics Questions!

Q:

The table below set out the demand and supply schedule for grouper fingers in Nassau, Bahamas a. Draw a graph of this market and specify the equilibrium price and quantity b. Explain the situation in...

Q:

Question 1: (16 marks) Provide a clear and specific definition, an equation, and an example for each of the following, except as noted: -The natural rate of unemployment (definition only) -If Canada...

Q:

1)In Shell gasoline market: Demand for Shell gasoline will decrease if the price of: Multiple Choice a)BP gasoline decreases. b)BP gasoline increases. c)Motor vehicle decreases. d)Motor vehicle...

Q:

Read this article and Answer the following questions: Timberjack Parts: Packaged Software Selection Project On the morning of December 15, 1995, Jim Utting, general manager?Parts at Timberjack Corp....

Q:

1)Situations -abcde number every name on a list and use a random number generator to select the first 50 numbers -abcde asking people on the street -abcde choosing every 5th person on a list -abcde...

Q:

question 1.Give four ways in which the productivity of human effort can be improved (4mks) 2.Give four differences between a proforma invoice and an invoice(4mks) 3.Outline the suitable terms that...

Q:

1.Business is booming at the local McDonald's restaurant. It is contemplating adding a new grill and french-fry machine, but the day supervisor suggests simply hiring more workers. How should the...

Q:

1.The main purpose of an engagement letter is to _______. -present the conclusion of the audit -avoid any misunderstandings between the auditor and the client -request any and all information that...

Q:

1.The main purpose of an engagement letter is to _______. -present the conclusion of the audit -avoid any misunderstandings between the auditor and the client -request any and all information that...

Q:

Question: Help, please answer the CSS the book is new perspectives HTML And CSS 6th Edition. APPLY Case Problem 1 Data Files needed for this Case Problem: gold.jpg, green.jpg, jpf.css, jpf.jpg...

Q:

A city acquires $1 million of public safety emergency communication equipment by entering into a capital lease. The city divides its rst rent payment of $ 135,868 between lease interest and lease...

Q:

Sorpon Corporation purchased equipment very late in 2011. Based on generous capital cost allowance rates provided in the Income Tax Act, Sorpon Corporation claimed CCA on its 2011 tax return but did...

Q:

Sukiennik, D . , Raufman, L . , & Bendat, W . The Career Fitness Program: Exercising Your Options, Eleventh Edition, Pearson: Upper Saddle River, New Jersey, 2 0 1 3 . ( ISBN: 9 7 8 0 3 2 1 9 7 9 6 2...

Q:

4 pts According to the in - class lectures and the supplemental PowerPoint lecture, with respect to organizational strategy, Dysergy is defined as ( Blank ) An event where both companies end up...

Q:

In Appendix A, the Career Management section defines career planning as the process of setting career objectives and determining how to accomplish them. How can networking help with ones career...

Q:

Perform a self-assessment and set objectives. List two or three of your accomplishments. Clearly state your goal, which can be to learn more about career opportunities in your major; to get an...

Q:

Create your one-minute self-sell. Write it out. See Application Situations One-Minute Self-Sell for an example History: Plan: Question: Source: This exercise was developed by Andra Gumbus, Professor,...