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ou read a news article describing how restaurants and bars are getting ready to offer their services to large number of fans of the Super Bowl (annual championship game of the National Football

ou read a news article describing how restaurants and bars are getting ready to offer their services to large number of fans of the Super Bowl (annual championship game of the National Football League in the US) on Sunday. Using a supply-and-demand framework show the following: 3.1.Show the effect of the Super Bowl on equilibrium price and quantity in the market for restaurant/bar services. (2 marks) 3.2. Show the intercepts of the demand and supply curves on your diagram and explain what these two points represent. (2 marks) 3.3. The government concerned about the Super Bowl becoming a Covid-19 superspreader event decides to implement a maximum number of clients that can watch this event in restaurants and bars. What is the effect of this policy on price and quantity in the market for restaurant/bar services and the market for TVs? Show it graphically. (2 marks) 3.4.Who wins and who losses with this policy?

Apr 12 2021 View more View Less

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