1 answer

The table below lists the price and quantities demanded and supplied of tons of cotton in...

Question:

The table below lists the price and quantities demanded and supplied of tons of cotton in the countries of Microtania and Por

The table below lists the price and quantities demanded and supplied of tons of cotton in the countries of Microtania and Portlandia. Microtania Microtania Portlandia Portlandia Price Cotton demand Cotton supply Cotton Demand Cotton Supply $8 1325 1115 1350 1092.5 $13 1300 1160 1325 1137.5 $18 1275 1205 1312.5 1182.5 $23 1250 1250 1287.5 1250 $28 1225 1295 1262.5 1227.5 $33 1200 1340 1250 1250 $38 1175 1385 1225 1295 If the world price is currently $33, which of the following is true? Microtania will export Microtania will import Nothing will happen How many tons of cotton will Microtania import or export at that price?

Answers

1200 at P - $33, Micro tania demand Micofania 1340 supply Over supply Q. over Supply mean surplen at P = $33 the export mean

.

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