The table below illustrates the demand and supply schedules for seats on air flights between two cities: Market for Airline Seats 800 Quantity Quantity Price Demanded Supplied $200 2,000 1,200 600- $300 1,800 1,400 $400 1,600 1,600 $500 1,400 1,800 $600 1,200 2,000 Fare ($) 400- What is the market price for seats? $ What is the equilibrium quantity of seats? 200- Now suppose that federal authorities limit the number of flights between the two cities to ensure that no more than 1,200 passengers can be flown. 1,000 1,200 1,400 1,600 1.800 2,000 2.200 Using the line drawing tool, illustrate this restriction on the graph at right. Label this line Quantity of Airline Seats 'Restriction'. Carefully follow the instructions above, and only draw the required objects. What is the price of seats now? $ (Hint: How much are the 1,200 passengers willing to pay for their flights?)