Although there is demand in the local market, much of the demand for Bangladeshi Jute output has come from other countries. We are told that total demand is Q = 3294 - 255P; where, domestic demand is Qag = 1521 - 107 P; export demand is Q. - 1773 - 148 P supply is Q, = 1613 + 192 P. (Note: total demand, Q = Qag + Qe) (a) What is the equilibrium market price of jute? Please give your answer in 2 decimal places (b) Suppose, due to the recent pandemic, the export demand for jute falls by 58 percent. What happens to the price of jute in Bangladesh? Please give your answer in 2 decimal places. (c) Now suppose the BD government wants to buy enough jute to raise the price to $6.300000000000001 per unit. With this drop in export demand, how much jute would the government have to buy? Please give your answer in 2 decimal places. (d) How much would this cost the government? Please give your answer in 2 decimal places

Although there is demand in the local market, much of the demand for Bangladeshi Jute output has come from other countries. We are told that total demand is Q = 3294 - 255P; where, domestic demand is Qag = 1521 - 107 P; export demand is Q. - 1773 - 148 P supply is Q, = 1613 + 192 P. (Note: total demand, Q = Qag + Qe) (a) What is the equilibrium market price of jute? Please give your answer in 2 decimal places (b) Suppose, due to the recent pandemic, the export demand for jute falls by 58 percent. What happens to the price of jute in Bangladesh? Please give your answer in 2 decimal places. (c) Now suppose the BD government wants to buy enough jute to raise the price to $6.300000000000001 per unit. With this drop in export demand, how much jute would the government have to buy? Please give your answer in 2 decimal places. (d) How much would this cost the government? Please give your answer in 2 decimal places

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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