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)

$25 800

20 700

15 600

10 500

5 400

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)

$25 200

20 400

15 600

10 800

5 1000

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

(Pounds)

$25

20 300

15 500

10 700

5 900

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?

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