The local airport of a small town has decided to begin allowing nighttime flights in an effort to accrue more income. The airport has a fixed supply of 50 spots for each night. The nightly demand for these flights are given in the table below. Quantity Demanded Landing/Takeoff (# flights) Fee ($) 10 60 20 50 30 40 40 30 50 20 60 10 a) Graph the supply and demand curves on the graph below. - Supply 90- Landing/Takeoff Fee ($) 75- 8 30- 15 10 20 30 40 50 60 70 80 90 100 Reset Quantity of Flights per night b) What is the equilibrium landing/takeoff fee? Landing/Takeoff Fee = SO c) What is the quantity of nighttime flights? Quantity of Flights = 0 d) Suppose the residents of the town are becoming upset with the increased noise at night from the flights, and so the government imposes a price floor on nighttime flights aimed at reducing the number of flights by 40 percent. What price floor is necessary to achieve this reduction? Price Floor = $0 e) Suppose, instead of a price floor, the government wants to find a market solution to this problem. Therefore, the government announces that local residents will be able to purchase flight permits (each permit is able to prevent one flight from taking off at the price of its landing/takeoff fee). How much, in total, would the local residents have to pay in order to enjoy totally flightless nights over the coming 60 nights? Total Payment = $0