7.The table below set out the demand and supply schedule for grouper fingers in Nassau, Bahamas

a.Draw a graph of this market and specify the equilibrium price and quantity

b.Explain the situation in the market if the price of grouper fingers is $9 per plate.

c.If the Bahamian government bans the fishing of grouper, how is this action going to affect the market. Explain (10 points)

Price ($ per plate) Qd (per week) Qs (per week)

5 1600 1200

6 1500 1500

7 1400 1700

8 1300 1800

9 1200 1900

10 1000 2000