Oiloffle sense or not. 26. In Manitoba there was a TV bingo game put on by the local Kinsman Club The Kinsman club printed a fixed number of Bingo cards which are then sold at local stores for a small price, with some of the proceeds going to Kinsman to do various charity work. People bought the cards, and played at home while they watched the show on TV. If no one won on a given week, the money wa rolled into the pot for the following week. In January of 2020, the pot reache $640,000. a. Suppose that Kinsman printed 10,000 cards per week, and that the week pot was normally $100,000. In normal circumstances the equilibrium pric of the card was $10. In a graph below, draw the market demand and sup185 ply curve, and show the equilibrium price and quantity of cards in normal circumstances. b. What does it mean to say that this market is "in equilibrium?" c. Now suppose the pot goes up in value to $640,000. Show in another graph what happens in this market, assuming there is no change in the number of cards printed per week. d. Kinsman decided not to raise the price of its cards in light of the large pot. Given what happened in (c), what would be the consequence of that decision? e. As it turned out, in January people began following the Kinsman card deliv ery people in order to learn which stores had cards. They would then scoop in and buy the cards. Kinsman started to keep secret where their cards were available, scalpers started selling on craigslist, and stores with cards developed lines of hundreds of people outside (in Winnipeg ... in January!). Is this behavior consistent with your answer in (d)? f. Finally, a spokesperson for Kinsman stated "We're at a loss over what to do, this has gotten completely out of control." Can you suggest two policies that Kinsman could take, based on your supply and demand analysis, that would easily resolve the