Question

The Kingdom of Monkey has determined that the demand for the country’s automobile tires is given by Q^D = 3,200 -25P, where Q = the number of tourists served each month and P is the price per roundtrip tour on a river boat for each couple. The supply of romantic river-boat tours is given by Q^S = 15P - 800.

42) Suppose the Government of Monkey intervenes in the market for automobile tires and imposes a price of $75.00 per tire in order to help local tire consumers. What will be the outcome

Answer 1