Homework Answers
Ans-(E)
The total demand for U.S. wheat is
4730-155P for all P.
Total demand simply means Aggregate Demand and AD includes domestic demand as well as net exports.It has been assumed in the question that there are only two sources of demand for U.S. wheat.They are the domestic demand in the U.S and the other is Chinese demand of the U.S. wheat.In order to calculate the Aggregate Demand of U.S wheat in the economy,we simply add both the demand function.
AD=1430-55P+3300-100P=4730-155P.
Option B,C and D will not be the answer because specific prices are being mentioned in these options but in the above question no information has been provided regarding the prices.In option A, the domestic demand for U.S wheat has not been included,so that is also incorrect.
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