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?

Your question is incomplete. Are you supposed to draw a graph of tha available supply of lobster (y) vs price(x)? If so, use the data you were provided.

To draw the demand curve and supply curve for Maine lobsters, you can follow these steps:

1. Plot the price of lobster on the vertical axis (y-axis) and the quantity of lobster supplied or demanded on the horizontal axis (x-axis).

2. For the supply curve, use the given supply schedule to plot the price and quantity pairs. Start with the highest price and quantity pair ($25, 800 pounds) and plot it on the graph. Then, continue with each subsequent price and quantity pair until you have plotted all the points.

3. For the demand curve, use either the U.S. demand schedule or the French demand schedule, depending on which part of the question you are answering. Follow the same process as step 2 to plot the price and quantity pairs.

4. Once you have plotted the supply and demand curves, connect the points on each curve to create the lines.

To find the equilibrium price and quantity of lobsters:
- The equilibrium price is the price at which the quantity of lobsters supplied equals the quantity of lobsters demanded.
- The equilibrium quantity is the quantity of lobsters bought and sold at the equilibrium price.

Simply find the point where the supply curve intersects the demand curve. This is the equilibrium point where the quantity supplied and quantity demanded are equal. The price and quantity values at this point represent the equilibrium price and quantity of lobsters.

For part A of the question:

1. Follow the steps mentioned above to draw the demand and supply curves based on the given data.

2. Find the point of intersection between the supply and demand curves. This will give you the equilibrium price and quantity of lobsters.

For part B of the question:

1. Use the French demand schedule to create a new demand curve alongside the existing supply curve.

2. Draw the new demand curve based on the French demand schedule.

3. Find the new equilibrium point where the new demand curve intersects the supply curve.

- The new equilibrium price and quantity will be different from the previous equilibrium.

To answer the additional questions:

1. The price at which fishermen can sell lobster may increase or decrease depending on the new equilibrium price. If the new equilibrium price is higher than the previous equilibrium price, fishermen can sell lobster at a higher price. If the new equilibrium price is lower, the price they receive may decrease.

2. The price paid by U.S. consumers will be influenced by the new equilibrium price. If the new equilibrium price is higher, U.S. consumers will likely have to pay more. If the new equilibrium price is lower, they may benefit from paying less.

3. The quantity consumed by U.S. consumers may change as a result of the new equilibrium. If the new equilibrium quantity is higher, U.S. consumers would be consuming more lobsters. If the new equilibrium quantity is lower, the quantity consumed by U.S. consumers would decrease.