*Please show all work* The Ministry of Tourism in the Republic of Palau estimates that the demand for its scuba diving t
Posted: Sun Jul 03, 2022 12:56 pm
*Please show all work*
The Ministry of Tourism in the Republic of Palau estimates thatthe demand for its scuba diving tours is givenby QD=6000ā20P where Q is the number of divers servedeach month and P is the price of a two-tank dive. The supply ofscuba diving tours is given by QS=30Pā2000. Use negative signswhere appropriate. Round to the nearest one-hundredth decimal place(0.01).
a. Find the equilibrium price and quantity.
Equilibrium Price: P*=
Equilibrium Quantity: Q*=
b. Find the demand and supply choke prices.
Demand Choke Price:
Supply Choke Price:
c. Find Consumer Surplus
CS=
d. Find Producer Surplus
PS=
The Ministry of Tourism in the Republic of Palau estimates thatthe demand for its scuba diving tours is givenby QD=6000ā20P where Q is the number of divers servedeach month and P is the price of a two-tank dive. The supply ofscuba diving tours is given by QS=30Pā2000. Use negative signswhere appropriate. Round to the nearest one-hundredth decimal place(0.01).
a. Find the equilibrium price and quantity.
Equilibrium Price: P*=
Equilibrium Quantity: Q*=
b. Find the demand and supply choke prices.
Demand Choke Price:
Supply Choke Price:
c. Find Consumer Surplus
CS=
d. Find Producer Surplus
PS=