O Macmillan Learning 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 Cameroon quantity Nigeria quantity Nigeria quantity demanded (lb) supplied (lb) demanded (lb) supplied (lb) 8 180 500 155 210 7 200 460 180 180 6 250 410 200 160 5 280 360 220 140 4 3 320 350 320 240 125 280 260 115 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

O Macmillan Learning 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 Cameroon quantity Nigeria quantity Nigeria quantity demanded (lb) supplied (lb) demanded (lb) supplied (lb) 8 180 500 155 210 7 200 460 180 180 6 250 410 200 160 5 280 360 220 140 4 3 320 350 320 240 125 280 260 115 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

Microeconomics: Private and Public Choice (MindTap Course List)

16th Edition

ISBN:9781305506893

Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson

Chapter9: Price Takers And The Competitive Process

Section: Chapter Questions

Problem 14CQ

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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