Question: Proived the answer in a way i can type in Question 3 (15 Marks) The daily demand for hotel rooms on Manhattan Island in New

Proived the answer in a way i can type in

Question 3 (15 Marks) The daily demand for hotel rooms on Manhattan Island in New York is given by the equation QD = 250,000 - 375P. The daily supply of hotel rooms on Manhattan Island is given by the equation QS = 15,000 + 212.5P. What is the equilibrium price and quantity of hotel rooms on Manhattan Island? ) Draw the demand and supply curves in price and quantity space. ) Suppose the government impose an intervention price of $300, is this an effective price ceiling or floor and what is the outcome of this intervention price? Edit View Insert Format Tools Table Help ... B

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