What is the equation for demand

Assignment Help Macroeconomics
Reference no: EM131095091

A vegetable fiber is traded in a competitive world market, and the world price is $9 per pound. Unlimited quantities are available for import into the United States at this price. The U.S. domestic supply and demand for various price levels are shown below.

Price

U.S. Supply

U.S. Demand

 

(million lbs.)

(million lbs.)

3

2

34

6

4

28

9

6

22

12

8

16

15

10

10

18

12

4

a. What is the equation for demand? What is the equation for supply?

b. At a price of $9, what is the price elasticity of demand? What is it at price of $12?

Reference no: EM131095091

Questions Cloud

The rst investment yields net wealth : An individual has to choose between two possible investments. The rst investment yields a net wealth of $100 with probability 0.5, and a net wealth of $0 with probability 0.5. The second investment yields a net wealth of $40 with probability 1.
Find out the exact ascii value : This project provides a variety of facility to the users and saves our valuable time and energy. It aims at developing the computers internal code to user readable code and find out the exact ASCII value.
Determination of shadow prices : Define the term shadow prices and outline the challenges encountered in the determination of shadow prices.
The difference in labor market earnings : Briefly explain how each of the following factors affect 17 year old Bob 's decision to go to college: his discount rate, the difference in labor market earnings in each year post-college between what Bob would earn with and without the college degre..
What is the equation for demand : a. What is the equation for demand? What is the equation for supply? b. At a price of $9, what is the price elasticity of demand? What is it at price of $12?
Two player game in which each player has only two strategies : Consider a two player game in which each player has only two strategies.
Identify the bioethical and political issues : In this unit, you will discuss two healthcare issues facing healthcare administrators. In a 2-page summary, you will identify the bioethical and political issues and discuss how you would effectively and ethically handle the situations.
Suppose that the money demand function of country : Suppose that the money demand function of country Y is (M/P)d = L(i, Y ) = L(r + Eπ, Y ). (a) Write down the equilibrium conditions of real money balances (b) What will happen to the inflation rate, if money supply goes up? (c) What will happen to th..
Discuss the likely effects on labor force participation : Assume that a state government currently provides no child-care subsidies to working single parents, but that it now wants to adopt a plan that will encourage labor force participation among single parents. Discuss the likely effects on labor force p..

Reviews

Write a Review

Macroeconomics Questions & Answers

  How does the policy affect the demand curve for investment

Suppose there are two types of investment in the economy: business investment and investment in housing. Suppose that the government institutes a certain subsidy paid to people who build new houses.

  The first step in comprising the value of this stock today

The first step in comprising the value of this stock today, is to compute the value of the stock when it reaches constant growth in year.

  Show the effect of dollar appreciation and depreciation

Is China still using central bank foreign exchange policy to maintain the value of the yuan? What is the current policy of the United States on this issue - If the U.S. economy is operating near full employment and the exchange rate increases, exp..

  Find out the price of product and profitable bundling price

A profit maximizing firm produces three products X, Y and Z. The firm has no costs. There are three customers 1, 2 and 3. What will be the price of each product if the firm decides to sell them separately?

  Atlantis will lose its patent protection and analysts

At the beginning of 2011, market analysts expect Atlantis Company, holder of a valuable patent, to earn the following stream of economic profits over the next five years. At the end of five years

  Is van farms using an optimal combination of fertilizer

Alternatively, watermelon output could be increased by 500/month with an additional 2 tons of fertilizer/month. assuming the cost of water is $0.03/gallon and the fertilizer is $25/ton, is Van Farms using an optimal combination of fertilizer and w..

  Legislative bodies impose price controls to help a part

Legislative bodies impose price controls to help a part of the economy; who benefits and who is harmed by price ceilings and price floors?

  What is marginal rate of transformation in wheat nd cotton

In this exercise, you will find actual points on the combined PPC of the two states. For each of the following values of one good, calculate the maximum amount of the other good that the two countries could produce working together.

  Explain how globalization has changed the u.s. economy.

Explain how globalization has changed the U.S. economy. Identify winners and losers, including the U.S. consumer in your analysis.

  Starting with the basic concept of covariance

Starting with the basic concept of covariance

  Compare and contrast between the economic effects

Compare and contrast  between the economic effects of increasing spending versus reducing taxes.

  If the cpi was 120 last year and is 132 this year what is

if the cpi was 120 last year and is 132 this year what is this years rate of inflation?instructions round your answer

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd