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?
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?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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The table shows the
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
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