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demand and supply?

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Old 07-03-2009, 06:23 PM
Eric Eric is offline
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Default demand and supply?

1. 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.Table-3Price U.S. Supply U.S. Demand(per pound) (Million pounds) (Million pounds)3 2 346 4 289 6 2212 8 1615 10 1018 12 4b. What is the equilibrium price and output if all foreign producers are restricted from exportingto the U.S.?c. If foreign manufacturers are allowed to freely compete in the U.S., what is the newequilibrium price and output? How much is supplied by U.S. manufacturers?
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Old 07-03-2009, 06:52 PM
online online is offline
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How can we answer when the tabke is all messed up. Post a link to a table where the data is more oprganised.
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Old 11-24-2011, 11:04 PM
JesicaDepth JesicaDepth is offline
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Supply is mainly determined by demand, if demand for the product is great, people are willing to pay a higher price for that product, and as a result, suppliers are more willing to make that product, because they can sell at a higher price. If demand is low, the opposite happens. Demand associated with the target, or if it is worse than a normal good. Since the median income for the sale of inferior goods will decrease, because people can afford a better choice, and in line with the normal sales of goods will increase with the increase of median income.
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