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
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
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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