The accompanying table provides data regarding domestic demand and domestic supply of apples in the United States.PriceQuantity supplied domesticallyQuantity demanded domestically(per apple)(millions of pounds per year)(millions of pounds per year)0.156,2909,7300.257,1508,8700.358,0108,0100.458,8707,1500.559,7306,290a. Based on the information provided in the table, move the points to plot the domestic demand and domestic supply curvesin the graph.Market for apples8075Consumer surplu...Domestic demar7065Producer surplu...Domestic suppl605550 3530252015106,2907,1508,0108,8709,73010,590Quantity (millions of pounds)b. Now consider what happens when the price at which apples trade in the world market is $0.10 per apple above thedomestic price. If the United States allows international trade,8,010 - million pounds of apples will be produceddomestically, and9,730million pounds of apples will be purchased in the United States. The United States willthereforeexport3,340 - million pounds of apples.c. In the graph, shade the areas representing consumer surplus and producer surplus with trade.d. As a result of trade, consumer surplusdecreasesand producer surplusincreasesTotaleconomic surplusdoes not changePrice

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The accompanying table provides data regarding domestic demand and domestic supply of apples in the United States. Price Quantity supplied domestically (millions of pounds per year) Quantity demanded domestically (millions of pounds per year) (per apple) 0.15 6,290 9,730 0.25 7,150 8,870 0.35 8,010 8,010 0.45 8,870 7,150 0.55 9,730 6,290 a. Based on the information provided in the table, move the points to plot the domestic demand and domestic supply curves in the graph. Market for apples 80 75 Consumer surplu.. Domestic demai 70 65 Producer surplu... Domestic supp 60 55

The accompanying table provides data regarding domestic demand and domestic supply of apples in the United States. Price Quantity supplied domestically (millions of pounds per year) Quantity demanded domestically (millions of pounds per year) (per apple) 0.15 6,290 9,730 0.25 7,150 8,870 0.35 8,010 8,010 0.45 8,870 7,150 0.55 9,730 6,290 a. Based on the information provided in the table, move the points to plot the domestic demand and domestic supply curves in the graph. Market for apples 80 75 Consumer surplu.. Domestic demai 70 65 Producer surplu... Domestic supp 60 55

Economics:

10th Edition

ISBN:9781285859460

Author:BOYES, William

Publisher:BOYES, William

Chapter20: Elasticity: Demand And Supply

Section: Chapter Questions

Problem 6E

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