The city of Pawnee issues a fixed number of fishing licenses each year. a. Using the accompanying
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a. Using the accompanying graph, demonstrate the effect of a limit of 100 fishing licenses at a cost of $20 per license.
b. Is there excess supply or demand for licenses? Label the excess supply or demand on the graph.
c. What is the maximum amount a person would be willing to pay on the black market for a license?
d. How much would Pawnee need to charge to eliminate the excess supply or demand?
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a See the accompanying graph b There is excess demand of 3...View the full answer
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