Reference no: EM132472936
The mathematical Inverse Demand curve was: P = 216,400 - 1600 [Qd]. Suppose that in-depth research by the company promoting this once-in-a-lifetime "Titanic up-close experience" found their Inverse Supply curve to be P = 20,000 + 2,037.03[Qs]
i. Suppose the Society of once-in-a-lifetime Opportunities for All has successfully lobbied the government to impose a "Price Ceiling" that makes it possible for "normal" citizens to see the Titanic by setting the price at $100,000.00. Using this price, describe the impact on both the Quantity Demanded, Qd and the Quantity Supplied, Qs at the price ceiling price. What is the effect on the current market equilibrium of P = $130,000 and Q = 54?
ii. Suppose the Society for Fair-Price Visits to the Titanic successfully lobbies the government to impose a "Price Floor" that makes a "fair" return possible for suppliers in the market by setting the allowable price at $145,000.00. Using this price, describe the impact on both the Quantity Demanded, Qd and the Quantity Supplied, Qs at the price ceiling price. What is the effect on the current market equilibrium of P = $130,000 and Q = 54?
iii. Given the results in parts i and ii above, explain carefully WHY the market would be unable to re-establish a "new" equilibrium Quantity Demanded, Qd and Quantity Supplied, Qs in the market under either of these impositions.
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