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Homework Answers
(I) South Africa
(a) Demand: P = a - bQ
From demand curve: When Q = 0, P = 85 and when Q = 28, P = 15
85 = a - 0
a = 85
15 = a - 28b = 85 - 28b
28b = 70
b = 2.5
Demand: P = 85 - 2.5Q
(b) Supply: P = c + dQ
From supply curve: When Q = 0, P = 15 and when Q = 28, P = 85
15 = c + 0
c = 15
85 = c + 28d = 15 + 28d
28d = 70
d = 2.5
Supply: P = 15 + 2.5Q
(II) Namibia
(a) Demand: P = a - bQ
From demand curve: When Q = 0, P = 100 and when Q = 28, P = 30
100 = a - 0
a = 100
30 = a - 28b = 100 - 28b
28b = 70
b = 2.5
Demand: P = 100 - 2.5Q
(b) Supply: P = c + dQ
From supply curve: When Q = 0, P = 20 and when Q = 28, P = 90
20 = c + 0
c = 20
90 = c + 28d = 20 + 28d
28d = 70
d = 2.5
Supply: P = 20 + 2.5Q
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of 1. Question 19 of 20 12 Points...
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please answer this question! I really need to check answers before tmrw 8am/PST. I'll even venmo...
please answer this question! I really need to check answers before
tmrw 8am/PST. I'll even venmo the first person $15 for it... just
include your account name
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Choose the correct answer for each of the following
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please answer this question! I really need to check answers before
tmrw 8am/PST. I'll even venmo the first person $15 for it... just
include your account name
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Question 4.
Choose the correct answer for each of the following
1) The above figure shows the supply
and demand curves for rice in the U.S. and Japan. Assume there is
no trade between the two countries. If bad weather causes the
supply curves in each country to shift leftward by the same amount,
then
the price will increase in both countries.
the price will decrease in both countries.
the change in price cannot be determined.
None of the above....
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Part 1: Short Answer Questions (10 points each) 1) The estimated Canadian processed pork demand and supply functions are as the follow- ings: Q = 100-3 +3 p + 5 + 2Y, Os = 100 + 6 - 8 where Q is the quantity in million kilograms kg) of pork per year, p is the dollar price per kg, Po is the price of beef per kg, Pe is the price of chicken per kg, PA is the price of...
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