Graph a supply and demand model for parking in New Haven. Think deeply about what the supply curve should look like. Currently the rate is standard at $1.50 per hour. Let’s assume that everyone looking for a parking space and is willing to pay $1.50/hr for that parking space has found one and every parking space has been used. Label this point on your graph as point A; be sure to label the price at $1.50 and Q* as your quantity.

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A: Answer to the question is as follows: