Trying to construct a graph that showsU.S. Demand curve for sugar.U.S. Supply curve for sugar.Show world price and U.S. price (show dollar values).Show quantity supplied by U.S. firms and U.S. sugar consumption on graph (show values). Quantity is in pounds. These values are on the attached files.Figure how many pounds of sugar are imported. This will be a value. Show it on the graph.Shade the area(s) of dead-weight loss on the graph (no value needed).Mark the area which is the revenue for foreign sugar producers—figure the dollar value and note it on the graph. Sugar consumption in the U.S. 2009-2019 Pounds(Billions)2009 21.822010 22.482011 22.262012 22.922013 23.582014 23.802015 23.802016 24.202017 24.092018 24.202019 24.25Sugar production in the U.S. 2009-2019 Pounds(Billions)2009 15.872010 15.652011 16.972012 17.852013 16.972014 17.302015 17.982016 17.942017 18.582018 17.982019 16.05 Calendar YearU.S. Price*World Price**U.S. % Higher200938.1 ¢/lb22.1 g/lb72.1%201053.2 g/lb27.8 g/lb91.6%201156.2 g/lb31.7 ¢/lb77.5%201243.4 ¢/lb26.5 g/lb63.7%201327.2 ¢/lb22.2 ¢/lb22.8%201432.9 ¢/lb20.1 g/lb63.9%201533.9 ¢/lb16.9 ¢/lb100%201629.7 ¢/lb22.6 g/lb31%201731.3 ¢/lb19.6 g/lb59.7%201835.5 ¢/lb15.6 g/lb127.6%201936.1 g/lb15.2 g/lb137.5%

Answered: Trying to construct a graph that shows…

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Trying to construct a graph that shows

U.S. Demand curve for sugar.
U.S. Supply curve for sugar.
Show world price and U.S. price (show dollar values).
Show quantity supplied by U.S. firms and U.S. sugar consumption on graph (show values). Quantity is in pounds. These values are on the attached files.
Figure how many pounds of sugar are imported. This will be a value. Show it on the graph.
Shade the area(s) of dead-weight loss on the graph (no value needed).
Mark the area which is the revenue for foreign sugar producers—figure the dollar value and note it on the graph.

Sugar consumption in the U.S. 2009-2019
	Pounds (Billions)
2009	21.82
2010	22.48
2011	22.26
2012	22.92
2013	23.58
2014	23.80
2015	23.80
2016	24.20
2017	24.09
2018	24.20
2019	24.25

Sugar production in the U.S. 2009-2019
	Pounds (Billions)
2009	15.87
2010	15.65
2011	16.97
2012	17.85
2013	16.97
2014	17.30
2015	17.98
2016	17.94
2017	18.58
2018	17.98
2019	16.05

Calendar Year
U.S. Price*
World Price**
U.S. % Higher
2009
38.1 ¢/lb
22.1 g/lb
72.1%
2010
53.2 g/lb
27.8 g/lb
91.6%
2011
56.2 g/lb
31.7 ¢/lb
77.5%
2012
43.4 ¢/lb
26.5 g/lb
63.7%
2013
27.2 ¢/lb
22.2 ¢/lb
22.8%
2014
32.9 ¢/lb
20.1 g/lb
63.9%
2015
33.9 ¢/lb
16.9 ¢/lb
100%
2016
29.7 ¢/lb
22.6 g/lb
31%
2017
31.3 ¢/lb
19.6 g/lb
59.7%
2018
35.5 ¢/lb
15.6 g/lb
127.6%
2019
36.1 g/lb
15.2 g/lb
137.5%

Expert Solution

Step 1

For a given information -

Demand is given by the amount consumed at given price levels .

Supply is given by the amount produced at given price levels .

Demand and supply curves are drawn on price & quantity space with prices on y-axis & Quantity on x - axis .

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