Question: 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 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

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