Question
*My answers below I only got partial credit on (3/6) can you help me solve the ones I do not know.* The Ministry of Tourism
*My answers below I only got partial credit on (3/6) can you help me solve the ones I do not know.*
The Ministry of Tourism in the Republic of Palau estimates that the demand for its scuba diving tours is given by QD=600020P where Q is the number of divers served each month and P is the price of a two-tank dive. The supply of scuba diving tours is given by QS=30P2000. Use negative signs where appropriate. Round to the nearest one-hundredth decimal place (0.01).
a. Find the equilibrium price and quantity.
Equilibrium Price: P*= 160
Equilibrium Quantity: Q*= 2800
b. Find the demand and supply choke prices.
Demand Choke Price: 2800
Supply Choke Price: 2800
c. Find Consumer Surplus
CS= 196000
d. Find Producer Surplus
PS= 130622
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