Posted by Reiver on Tuesday, January 1, 2008 at 11:33am.
I am not sure how to draw the graphs can anyone help answer this question for me?
Suppose that the supply schedule of Maine lobster is as follows:
Price of Lobster Quantity of lobster supplied
(Per Pound) (Pounds)
Suppose that Maine lobsters can be sold only in the United States. The U.S. demand schedule for Maine lobsters is as follows:
Price of Lobster Quantity of lobster demanded
(Per Pound) (Pounds)
A. Draw the demand curve and the supply curve for Maine lobsters. What is the equilibrium price and quantity of lobsters?
Now suppose that Maine lobsters can be sold in France. The French demand schedule for Maine lobsters is as follows:
Price of Lobsters (Per Pound) Quantity of lobsters demanded
B. What is the demand schedule for Maine lobsters now that French consumers can also buy them? Draw a supply and demand diagram that illustrates the new equilibrium price and quantity of lobsters. What will happen to the price at which fishermen can sell lobster? What will happen to the price paid by the U.S. consumers? What will happen to the quantity consumed by the U.S. consumers?
Answer This Question
More Related Questions
- Statistics - A survey of 250 lobster fisherman found that they catch an average ...
- statistics - A survey of 50 lobster fishermen on Funafuti (an island in Tuvalu...
- 8th grade science - On one of my tests they are asking me if Symboin pandora has...
- economics 11 - The demand and supply schedules for milk are as follows: Price ...
- Geometry - Lobster fishers in Maine often use spherical buoys to mark their ...
- Economics - 1. Your roommate's long hours in chem lab finally paid off--she ...
- critical thinking - The New York steak, the Maine lobster, and the beef ...
- college mathematics - Three people are to be selected at random, each will be ...
- Macroeconomics - working on homework & stuck on these three questions. Someone ...
- microeconomics - 1. Suppose that an increase in the price of carrots from $1.20 ...