2.2 A large inflow of tourists is affecting demand for housing and other products in many locations and has been the topic of discussions in for instance Barcelona and Mallorca. Consider the market for restaurant meals in Mallorca and for simplicity assume that we can view restaurant meals as a homogeneous product. Use Q to denote quantity of meals and P price in euros. The demand for restaurant meals can be divided into demand from tourists and demand from locals. Assume that the demand by tourists is given by Qt = 90 - P and demand from locals is given by Q = 120 - 2P a) Draw the market demand for restaurant meals in a diagram with price on the vertical axis (market demand is in this case given by the sum of demand from locals and from tourists). How high is market demand if price is 80 euros per meal? How high is market demand if price is 30 euros per meal? b) Assume that the price of a restaurant meal 30 euros. What is the ownprice elasticity of tourist demand for restaurant meals evaluated at this price? What is the own-price elasticity of demand by locals for restaurant meals evaluated at this price