The table shows the hypothetical demand and supply for coffee beans in two countries: Mexico and Armenia. Price ($) per pound of coffee beans Price ($/lb) Mexico quantity demanded (lb) Mexico quantity supplied (lb) Armenia quantity demanded (lb) Armenia 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 In autarky, what would the equilibrium price and quantity be in Mexico and Armenia? equilibrium price in Mexico: $ equilibrium quantity in Mexico: lb equilibrium price in Armenia: $ equilibrium quantity in Armenia: lb
The table shows the hypothetical demand and supply for coffee beans in two countries: Mexico and Armenia. Price ($) per pound of coffee beans Price ($/lb) Mexico quantity demanded (lb) Mexico quantity supplied (lb) Armenia quantity demanded (lb) Armenia 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 In autarky, what would the equilibrium price and quantity be in Mexico and Armenia? equilibrium price in Mexico: $ equilibrium quantity in Mexico: lb equilibrium price in Armenia: $ equilibrium quantity in Armenia: lb
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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Question
The table shows the hypothetical
Price ($/lb) | Mexico quantity demanded (lb) | Mexico quantity supplied (lb) | Armenia quantity demanded (lb) | Armenia 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 |
In autarky, what would the
equilibrium price in Mexico: $
equilibrium price in Armenia: $
equilibrium quantity in Armenia: lb
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