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The demand for guided rafting trips through the Grand Canyon is given by p = 42 - 5qd.
The supply curve for rafting trips is p = 7 + 2qs.
a) What is the market equilibrium price and quantity of rafting trips on the Grand Canyon?
b) Graph the equilibrium. Label the intercepts and the equilibrium price and quantity.
c) Label the areas on your graph from part b). Indicate which area corresponds to consumer surplus. Indicate which area corresponds to producer surplus.
d) Calculate consumer surplus.
e) Calculate producer surplus.
Explain why do you think maximising sustainable yield is often suggested as the appropriate goal of fishery.
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Given the information above, is the British pound selling at a premium or discount? How much (round to two decimal places, e.g. 1.35%)? Is Interest Rate Parity (IRP) holding? Why or why not? Explain in an essay, and show a calculation to support your..
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