6. Suppose that the supply schedule of Maine lobsters is asfollows:Quantity of lobstersupplied (pounds)Price of lobster(per pound)$25800207001560010500400Suppose that Maine lobsters can be sold only in theUnited States. The U.S. demand schedule for Mainelobsters is as follows:Quantity of Ilobsterdemanded (pounds)Price of lobster(per pound)$252002040015600108001,000a. Draw the demand curve and the supply curve forMaine lobsters. What are the equilibrium price andquantity of lobsters? Now suppose that Maine lobsters can be sold in France.The French demand schedule for Maine lobsters is asfollows:Price of lobsterQuantity of lobstersupplied (pounds)(per pound)$25100203001550010700900b. What is the demand schedule for Maine lobstersnow that French consumers can also buy them?Draw a supply and demand diagram that illus-trates the new equilibrium price and quantityof lobsters. What will happen to the price atwhich fishermen can sell lobster? What willhappen to the price paid by U.S. consumers?What will happen to the quantity consumed byU.S. consumers?

Plot the combinations of price and quantity supplied from the supply schedule given, to graph supply…

Answered: 6. Suppose that the supply schedule of…

MACROECONOMICS

14th Edition

ISBN:9781337794985

Author:Baumol

Publisher:Baumol

Chapter4: Supply And Demand: An Initial Look

Section: Chapter Questions

Problem 3TY

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6. Suppose that the supply schedule of Maine lobsters is as follows: Price of lobster Quantity of lobster supplied (pounds) (per pound) $25 800 20 700 15 600 10 500 400 Suppose that Maine lobsters can be sold only ir the United States. The U.S. demand schedule for Maine lobsters is as follows: Quantity of lobster demanded (pounds) Price of lobster (per pound) $25 200 20 400 15 600 10 800 1,000 a. Draw the demand curve and the supply curve for Maine lobsters. What are the equilibrium price and quantity of lobsters?
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E. Table below shows the demand schedules for coffee for Ahmed and Ibrahim and the supply schedules for Yusoff and Mahmood. i. ii. Quantities demanded and supplied for coffee Ahmed Ibrahim Price $2.00 1.90 1.80 1.70 1.60 1.50 1.40 1.30 1.20 0 1 2 3 4 5 6 7 8 1 71 2 4 6 8 10 12 14 16 Yusoff 16 14 12 10 6 4 2 1 Mahmood 19 17 15 13 11 9 7 5 3 Calculate the market demand and supply for coffee. What are the equilibrium price and quantity? Suppose Yusoff experience equipment problems and therefore he could only produce one cup of coffee at any level of prices. What would be the equilibrium price and equilibrium quantity now?
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Listen | $60 Price 40 20 20 --- Supply Demand 0 50 100 150 200 Quantity What is the equilibrium price and quantity for this market: A) P=60, Q=100 B) P=20, Q=100 C) P=40, Q=200 OD) P=40, Q=150 4Л 6 quare in unitially tv 80 BE F3 Ơ F4 오 ત્ર F5 ৫ ها F6 8 F7 t #4 % do 5 DII F8 * 7 8 > 6 & 8 F9 F10

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