In maine, you must have a license to harvest lobster commercially
The demand price at which consumers wish to purchase 80,000 pounds of lobsters is determined by the market equilibrium price. This can be calculated using the supply and demand curves. In a perfectly competitive market with no external factors or government restrictions, equilibrium occurs where the quantity supplied equals the quantity demanded, and this is found at point E in the diagrams below. At this point, Supply = Demand = 80,000 pounds of Lobster and Price = $10 per pound.
Therefore, in an unrestricted market with no government intervention or external forces affecting prices or quantities traded:
– The Equilibrium Quantity of Lobster would be 80,000 Pounds
– The Equilibrium Price for Lobster would be $10 per Pound