The equation for the demand curve for hotel rooms in boston, Ask an Expert

Economics

The equation for the demand curve for hotel rooms in Boston is given by P = 5000-0.48Qd. The supply curve is given by P = 0.02Qs. Prices are nightly rates in dollars. Show your work

A. Graph the supply and demand curves.

B. If a price ceiling of $150per month were instituted in the city of Boston, what would be the new price and quantity of hotel rooms actually traded?

C. If a sales tax of $10 per night is instituted by the city of Boston to be collected from suppliers, what is the equilibrium price and quantity with the tax? Add this situation to your graph.

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Business Economics, Economics

Category:- Business Economics
Reference No.:- M91274804

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