The Kingdom of Monkey has determined that the demand for the country’s automobile tires is given...

The Kingdom of Monkey has determined that the demand for the country’s automobile tires is given by QD = 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 QS = 15P - 800

What is the Supply Choke price?

Solutions

Expert Solution

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We know that equilibrium is when quantity demanded = quantity supplied

Thus Qd =Qs

OR 3200 - 25P = 15P - 800

OR 4000 = 40P

OR 1000 = P

Hence supply choke price is 1000

Rahul Sunny answered 2 years ago

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