do fast i will 5 upvotes dont use chatgpt answer. A vegetable fiber is traded in a competitive world market, and the world price is $9 per round. Unlimited quantitiesare available for import into the United States at this price. The U.S. domestic supply and demand for various pricelevels are shown as follows:Price U.SSupply (million Lbs.)U.S Demand (Million Lbs.)MGN 1003234642896221281615101018124What is the equation for demand? (Write exactly like: Q=20-5P to get a credit)Q=4+6PThen, what is the equation for supply? (Write like, i.e., Q=(5/8)P to get a credit)Q=3/2P

Demand function: The general form of demand function is Q=a−bP, where a is intercept at zero…

Answered: A vegetable fiber is traded in a…

Economics (MindTap Course List)

13th Edition

ISBN:9781337617383

Author:Roger A. Arnold

Publisher:Roger A. Arnold

Chapter19: Elasticity

Section: Chapter Questions

Problem 11QP

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Similar questions

Discuss the price elasticity of demand and the price elasticity of supply of goods that have low value but are limited in supply. Discuss why the reduction in world price of such commodities can be considered harmful to an economy that exports such commodities.
Star wars coffee mugs are traded in a competitive world market with a price of R180 per cup. Unlimited quantities are available for import into South Africa at this price. On average 10 000 kg are traded each month. The elasticity of demand has been estimated at -0.81 and elasticity of supply at 3.51. Derive the demand equation for the star wars coffee mug. . . A. Qd = 12 800 - 45P B. Qd = 15 200 - 35P C. Qd = 18 100 - 45P D. Qd = 20 000 - 50P Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Qd Qs 4.75 Price of Coffee ($ per 4.5 cup) 4.25 4 3.75 3.5 3.25 2.75 2.5 2.25 2 1.75 1.5 1.25 1 0.75 0.5 0.25 2. 25 1. 3. 4. 6. 00 Quantity of coffee, thousands of cups 1.5 4.5 6.5 9.5
Q3 Suppose that an estimated monthly demand and supply functions forapples in the U.S. are given by:Qd = 200 - 40 p + 20 pq + 0.015YQs = 85 + 35 p - 20 p fwhereQd is the quantity of apples demanded in tons per month;p is the price of apples in US dollars per kilogram;pq is the price of quince (a substitute good) in dollars per kilogram;Y is the income of consumers per month in thousand dollar;Qs is the quantity of apples supplied in tons per year;p f is the price of fertilizer ( an input) in dollars.And supposeQs is the quantity of apples supplied in tons per year;p f is the price of fertilizer ( an input) in dollars.And suppose further thatpq is $2 per kilogram;Y is 4000 per month;p f is $0 .50 per kilogram.Answer the following questions.
The table shows the hypothetical demand and supply for coffee beans in two countries: Mexico and Armenia. Price ($) per pound of coffee beans Price ($/lb) Mexico quantity demanded (lb) Mexico quantity supplied (lb) Armenia quantity demanded (lb) Armenia quantity supplied (lb) 8 180 500 155 210 7 200 460 180 180 6 250 410 200 160 5 280 360 220 140 4 320 320 240 125 3 350 280 260 115 In autarky, what would the equilibrium price and quantity be in Mexico and Armenia? equilibrium price in Mexico: $ equilibrium quantity in Mexico: lb equilibrium price in Armenia: $ equilibrium quantity in Armenia: lb
Consider the world market for wheat, in which Russia is a larger producer. Suppose there is a major failure in Russia's wheat crop due to a severe drought. Explain the likely effect on the equilibrium price and quantity in the world wheat market. Also, explain why Canadian wheat farmers certainly benefit from this drought
The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity demanded (lb) Cameroon quantity supplied (lb) Nigeria quantity demanded (lb) Nigeria quantity supplied (lb) 88 180180 500500 155155 210210 77 200200 460460 180180 180180 66 250250 410410 200200 160160 55 280280 360360 220220 140140 44 320320 320320 240240 125125 33 350350 280280 260260 115115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries? price, Cameroon: $ quantity demanded, Cameroon: lb price, Nigeria: $ quantity demanded, Nigeria: lb
E4
How has the demand for the smart phones affected the demand and supply of digital cameras? Are digital cameras likely to face the same fate as the desktops for laptops? Discuss in detail the how mega players like Sony and Samsung have cut their Digital camera production and supply to meet the rising demand of smart phones in the world market. (100-150 words)
The annual demand for imported oranges is given by the following equation:QD = 600,000 − 30,000Pwhere P is the price per kilogram and QD is quantity of kilograms demanded per year.The supply of imported oranges is given by the equation:QS = 20,000P Calculate the following: ii. the amount of revenues collected
The table shows the demand and supply for cocoa beans in two countries: Cameroon and Nigeria. Use the information in the table to answer the questions. Price ($) per pound (lb) of cocoa beans Price ($/lb) Cameroon quantity demanded (lb) Cameroon quantity supplied (lb) Nigeria quantity demanded (lb) Nigeria quantity supplied (lb) 8 180 500 155 210 7 200 460 180 180 6 250 410 200 160 5 280 360 220 140 4 320 320 240 125 3 350 280 260 115 What would be the equilibrium price and quantity in Cameroon and Nigeria if free trade existed between the two countries?
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