A vegetable fiber is traded in a competitive world market, and the world price is $9 per round. Unlimited quantities are available for import into the United States at this price. The U.S. domestic supply and demand for various price levels are shown as follows: Price U.S Supply (million Lbs.) U.S Demand (Million Lbs.) MGN 100 3 2 34 6 4 28 9 6 22 12 8 16 15 10 10 18 12 4 What is the equation for demand? (Write exactly like: Q=20-5P to get a credit) Q=4+6P Then, what is the equation for supply? (Write like, i.e., Q=(5/8)P to get a credit) Q=3/2P

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Chapter19: Elasticity
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A vegetable fiber is traded in a competitive world market, and the world price is $9 per round. Unlimited quantities
are available for import into the United States at this price. The U.S. domestic supply and demand for various price
levels are shown as follows:
Price U.S
Supply (million Lbs.)
U.S Demand (Million Lbs.)
MGN 100
3
2
34
6
4
28
9
6
22
12
8
16
15
10
10
18
12
4
What is the equation for demand? (Write exactly like: Q=20-5P to get a credit)
Q=4+6P
Then, what is the equation for supply? (Write like, i.e., Q=(5/8)P to get a credit)
Q=3/2P
Transcribed Image Text:A vegetable fiber is traded in a competitive world market, and the world price is $9 per round. Unlimited quantities are available for import into the United States at this price. The U.S. domestic supply and demand for various price levels are shown as follows: Price U.S Supply (million Lbs.) U.S Demand (Million Lbs.) MGN 100 3 2 34 6 4 28 9 6 22 12 8 16 15 10 10 18 12 4 What is the equation for demand? (Write exactly like: Q=20-5P to get a credit) Q=4+6P Then, what is the equation for supply? (Write like, i.e., Q=(5/8)P to get a credit) Q=3/2P
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